Salary caps are imposed when league officials believe some football team owners are taking advantage of their deep pockets and buying more quality players than the other owners can afford to buy. Which of the following criteria are they using to guide their actions?

The quantity theory of money is better able to

A. To explain the inflation rate in the long run B. To explain the full employment in the long run C. To explain the inflation rate in the short run

A firm is a price taker if it

A) always sells its output at the industry-determined price. B) takes consumer demand into consideration in setting its price. C) takes its production costs into consideration in setting its price. D) uses a pricing strategy to gain market share.