Why did U. S. leaders decide to create the Federal Reserve? A. The United States needed to have a single type of currency.

B. Economic panics showed that the banking system was not stable.

C. State banks needed the power to create their own currencies.

D. Small banks requested additional government oversight.

Which of the following is a competitive benefit experienced by the first mover firm in an industry? a. the first mover will be able to achieve a less steep learning curve. b. the first mover will be able to reduce the switching costs. c. the first mover will not have to patent its products or technology. d. the first mover will be able to reduce costs through economies of scale.