Utility is easy to measure in the real world with recent advances in psychometric technology

If the supply for a good is elastic, that means that when price increases, the

A) supply will increase. B) quantity supplied will decrease. C) quantity supplied will increase by a smaller percentage than the price increased. D) quantity supplied will increase by a greater percentage than the price increased.

In words, the equation of exchange says that

A) the total amount spent on final output equals the amount received for final output. B) the amount of money in circulation equals the velocity of the price level. C) changes in the money supply will have no impact on the amount spent on final output. D) when velocity equals 1, nominal GDP equals the price level.