Exhibit 7-18 A typical firm in a perfectly competitive market
?

As shown in Exhibit 7-18, the perfectly competitive firm is in long-run equilibrium at a price of:

Money is any item that is widely used and freely accepted as payment for goods and services.

a. true b. false

The velocity of money is defined as: a. the time it takes the average worker to get to the bank with his/her paycheck

b. the time it takes banks to clear checks. c. the average number of times per year each dollar is used to purchase final goods and services. d. the ratio of money supply to the average price level in an economy. e. the average number of times per year each dollar is spent for goods, payrolls, Social Security payments, etc.