When price levels rise, the quantity of nominal money demanded will ________ and the quantity of real money demanded will ________

Refer to Figure 7.1. If Angus chooses to earn the most money, he will receive a daily payoff of

A) $100. B) $350. C) $550. D) $700.

Rent seeking

a. often entails large opportunity costs. b. prevents waste of resources. c. often promotes fairness in distribution of resources. d. cannot occur in a planned economy.