For a perfectly competitive market to function properly, which of the following must buyers and sellers have access to? Sufficient technology

Uncompetitive products

Economies of scale

Adequate information

Abank has $132,000 in excess reserves and the required reserve ratio is 11 percent. this means the bank could have in checkable deposit liabilities and in (total) reserves.

Later movers do not face: entrenched competitors. reduced uncertainty over technologies. high growth markets. lower market uncertainty.

Anewspaper story on the effect of higher milk prices on the market for ice cream contained the following: "as a result [of the increase in milk prices], retail prices for ice cream are up 4 percent from last year. . and ice cream consumption is down 3 percent." source: john curran, "ice cream, they scream: milk fat costs drive up ice cream prices," associated press, july 23, 2001. based on the information given, what is the price elasticity of demand for ice cream?