Traditionally, the Fed often communicated its intentions to restrict or expand monetary policy by announcing a change in its target for the:

Economist A. P. Lerner's idea that equality of income maximizes society's welfare is based on the assumption that

a. individuals have dissimilar utilities, but private property ownership distorts individual utilities so that no income distribution exists that reflects true utilities b. individuals are egalitarian c. individuals have identical utility functions d. individuals have identical skills e. individuals would voluntarily choose income equality

Assume that pencils and pens are substitutes. If the price of pencils rises ceteris paribus, then we will see

A. A decrease in the demand for pens. B. A decrease in the supply of pens. C. An increase in the demand for pens. D. An increase in the supply of pens.