In a perfectly competitive market, the price elasticity of demand for the market demand is ________ and the price elasticity of demand for an individual firm's demand is ________

Keynesians believe that an increase in the money supply may lead to

a. a decrease in investment b. an increase in the interest rate c. an increase in the price level d. a decrease in nominal GDP e. an increase in real GDP

According to the monetarists, the velocity of money is

A. constant by definition. B. highly variable and unpredictable. C. constant as a matter of empirical proof. D. not constant but predictable.