For four decades, the Fed has reflected its monetary policy in the ________ ________ ________?

As the payments system evolves from barter to a monetary system,

A) commodity money is likely to precede the use of paper currency. B) transaction costs increase. C) the number of prices that need to be calculated increase rather dramatically. D) specialization decreases.

If your local gasoline station raised its price by 20 percent, its sales of gasoline would decrease substantially because your local gas station

a. has little or no market power. b. is small relative to the size of the gasoline market. c. is a competitive firm. d. All of the above are correct.