If the price of pizzas has risen from $4 to $5 at the same time that the price of an hour of spinning class has risen from $20 to $30, then
a. pizzas have become relatively more expensive.
b. spinning classes have become relatively more expensive.
c. the relative prices of pizzas and spinning classes have remained constant.
d. workers' real income must have decreased.
b
Economics
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If nominal GDP is $5,000 billion and the velocity of the M2 money supply is 5, what is the amount of the public's holding in the form of M2?
A) $500 billion B) $1,000 billion C) $1,500 billion D) $2,000 billion
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Long-run equilibrium under monopolistic competition is similar to that under perfect competition in that
A) firms earn normal profits. B) price equals marginal revenue. C) price equals marginal cost. D) firms produce at the minimum point of their average cost curves.
Economics