When the Fed lowers the federal funds rate, the quantity of money ________ and the supply of loanable funds ________

On a production possibilities frontier, the opportunity cost of one more unit of a commodity per time period is measured by the

a. monetary price of the commodity b. amount of the other commodity that must be sacrificed c. amount of unemployed resources that must be used d. amount of satisfaction it gives consumers e. amount of tax paid to government for production, sale, and use of the commodity

Which of the following is not true of monopolistic competition?

a. There are a large number of buyers and sellers. b. The firms produce differentiated products. c. There exists free entry and exit of firms. d. Each of the firms faces a horizontal demand curve. e. Each of the firms acts as a mini monopoly in the market.