The monopolistically competitive firm maximizes profit by producing to the point at which

In a given year, the value of U.S. foreign exchange transactions ________

A) are roughly equal to the value of all U.S. export and import transactions B) cannot be calculated using nominal exchange rates C) are relatively small in comparison with the value of U.S. export and import transactions D) are approximately 25 times greater than the value of U.S. export and import transactions

The price elasticity of demand for gasoline measures the

a. responsiveness of gasoline producers to changes in the quality of gasoline. b. responsiveness of customers to changes in the price of gasoline. c. responsiveness of consumer preferences to changes in the quality of gasoline. d. both a and c above.