Under the floating exchange-rate system, a fall in the market price of a currency is called

Steak is a normal good. If the price of steak increases,

a. the income effect on the demand for steak will reinforce the substitution effect b. the income effect on the supply of steak will, to some extent, offset the substitution effect c. the budget line will rotate outward d. consumers' purchasing power will increase e. the budget line will shift outward

To maximize its profit, a monopoly should choose a price where demand is:

a. elastic. b. inelastic. c. vertical. d. unitary elastic.