In a perfectly competitive industry, which of the following is ...

[lilldybug07]

In a perfectly competitive industry, which of the following is true?
 a. The competitive price is higher and quantity higher than the socially efficient point.
  b. The competitive price is higher and quantity lower than the socially efficient point.
  c. Since the industry is perfectly competitive, price and quantity are at the socially efficient levels.
  d. The competitive price is lower and quantity higher than the socially efficient point.

Question 2

Suppose the First National Bank acquires 500,000 in new deposits and the required reserve ratio is 12 percent. Which of the following is true?
 a. Required reserves on the new deposits are 12,000.
  b. Excess reserves on the new deposits are 500,000.
  c. Required reserves on the new deposits are 60,000.
  d. Excess reserves on the new deposits are 12,000.
  e. Total reserves on the new deposits are 440,000.

[Jayson]

Answer to Question 1

d

Answer to Question 2

c

[lilldybug07]

Excellent

[steff9894]

Thanks for the timely response, appreciate it