Which of the following best represents the equation of exchange?
A) M * P = V * Y
B) M * V = P * Y
C) M * Y = P * V
D) M * Y * V = P
B
Economics
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When the manager of a local movie theater raises the price of movie tickets from $7.50 to $8.50, his total revenue falls. This means that:
a. the demand for movie tickets is highly elastic. b. the supply of movie tickets is perfectly elastic. c. the supply of movie tickets is unit-elastic. d. the demand for movie tickets is inelastic. e. the supply of movie tickets is inelastic.
Economics
Which of the following could be responsible for an increase in the price of wheat?
a. an increase in the supply of wheat b. an increase in the demand for wheat c. a decrease in the demand for wheat d. a simultaneous increase in supply and decrease in demand for wheat
Economics