If M stand for the money supply, V for the velocity of money, P for the average selling price, and Q for the output of goods and services, the equation of exchange is MV = PQ

What are economies of scale? What is the main source of economies of scale?

What will be an ideal response?

Other things being equal, the behavior of a monopolist differs from that of a competitive industry in that

A) the monopolist does not attempt to maximize economic profit. B) the monopolist hires more labor. C) the monopolist restricts output and hires less labor. D) the monopolist must consider fixed costs in deciding the optimal level of output to produce in the short run.