When the Fed Was Created,its Governing Body Was Called the Federal

question 148

True/False

When the Fed was created,its governing body was called the Federal Reserve Board,but it was later officially renamed the Board of Governors of the Federal Reserve System.

---

Definitions:

Marginal Revenue Curve

A graphical representation showing the change in total revenue with respect to changes in the quantity of goods or services sold.

Downsloping

Characterizes a line or curve on a graph that decreases in value as it moves from left to right, often used in reference to demand curves.

Pure Monopoly Firm

A market structure where a single entity exclusively controls the supply of a product or service without any close substitutes.

Inelastic Range

A portion of the demand curve where changes in price have little to no effect on the quantity demanded of a good or service.