A profit?maximizing firm in a monopolistically competitive market structure behaves much like a ________ in the short run.

Rather than prohibiting a good or service, the government might tax it. Imposing such a tax on a good or service ________ the equilibrium price and ________ the equilibrium quantity

A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases

If nominal GDP is $5,000 billion and the velocity of the M2 money supply is 5, what is the amount of the public's holding in the form of M2?

A) $500 billion B) $1,000 billion C) $1,500 billion D) $2,000 billion