An isoquant is a curve that shows all the combinations of two inputs that will produce the same level of output

The equation of exchange shows that

A) P = (M × V) ÷ Y. B) P = (V × M) × Y. C) P = (M ÷ V) × Y. D) P = (M × Y) ÷ V. E) P - Y = M + V.

Assume someone organizes all farms in the nation into a single-price monopoly. As a result, the amount of food produced

A) remains constant. B) decreases. C) increases. D) might increase or decrease depending on whether the demand for food is elastic or inelastic. E) might increase or decrease depending on whether the monopoly's marginal revenue curve lies below or above its demand curve.