Local telephone service was once an area in which consumers had no choices. Many young people no longer use "land lines," preferring instead to use their cellular phones. This means that the market has moved toward

The equation of exchange can be written as

A) MsV = PY. B) MsP = VY. C) MsY = VP. D) None of the above are correct.

The difference between the maximum price the consumer is willing to pay and the price the consumer actually pays for a product is referred to as: a. market surplus

b. market shortage. c. consumer surplus. d. producer surplus.