Perfectly inelastic demand has an elasticity value of 1.

When real GDP increases, the demand for money

A) increases. B) decreases. C) stays the same. D) we cannot make a prediction without additional information.

In a monopolistically competitive industry, the firms are currently making an economic profit. When this market moves to its long-run equilibrium, the firms' demand curves will have ________ and their economic profit will have ________

A) shifted leftward; decreased to zero B) shifted leftward; decreased but remain greater than zero C) shifted rightward; decreased to zero D) remained the same; decreased to zero