According to the quantity theory of money, if M's growth is lower than Q's, then:

Briefly comment on the predictions of economists Milton Friedman and Edmund Phelps about the ability to exploit a trade-off between inflation and unemployment

What will be an ideal response?

A firm operating in a perfectly competitive market is a price taker because:

a. no firm has a significant market share. b. no firm's product is perceived as different. c. setting a price higher than the going price results in zero sales. d. all of these.