Suppose Julia and Zach are the only consumers of milk. Julia's demand for milk is defined as QdJulia = 12 - 3P at prices below $4 and zero for prices above $4. Zach's demand for milk is defined as QdZach = 10 - 2P at prices below $5 and zero for prices above $5. In this case, the market demand curve for milk is:

The Fed-Treasury Accord of March 1951 provided the Fed greater freedom to

A) let interest rates increase. B) let unemployment increase. C) let inflation accelerate. D) let exchange rates increase.

Which of the following statements about competition in a market is true?

A) Competition forces firms to outsource the production of their labor-intensive products. B) Competition forces firms to undercut their selling price, thus benefiting consumers who will be able to purchase products at the lowest price possible. C) Competition forces firms to produce and sell products as long as the marginal benefit to consumers exceeds the marginal cost of production. D) Competition forces firms to add only low profit margins to their costs of production.