The cross-price elasticity of demand is useful for determining which pairs of commodities serve as substitutes for each other

When the central bank buys $1,000,000 worth of government bonds from the public, the money supply:

A. decreases by $1,000,000. B. increases by more than $1,000,000. C. increases by less than $1,000,000. D. increases by $1,000,000.

Price-fixing by firms in an oligopoly is:

A. more likely when the firms play a game repeatedly. B. more likely when firms must commit to a single pricing strategy for the lifetime of the firm. C. more likely when neither firm chooses the low-price guarantee strategy. D. never sustainable because firms have an incentive to underprice each other.