The demand curve depicts quantities demanded that have been gathered as prices have changed over time

Shoe-leather costs arise from inflation because the velocity of circulation of money ________ as the inflation rate ________

A) decreases; rises B) increases; rises C) does not change; rises D) increases; falls E) does not change; falls

According to the text, in the absence of uncertainty, no one can obtain a profit from the exclusive ownership of a scarce resource, such as a patent or a franchise, because

A) demand curves will be perfectly elastic. B) marginal cost will equal marginal revenue. C) profit requires active production rather than static ownership. D) the cost of retaining ownership will rise to eliminate any profit. E) the tax on capital gains will eliminate any profit.