Keynesians argue that the interest elasticity of the demand for money is
a. low, while monetarists say it is high.
b. unimportant in terms of affecting economic activity, while monetarists disagree.
c. relatively high, while monetarists argue it is low.
d. not a factor in determining if velocity is stable or unstable.
C
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A firm in perfect competition is a price taker because
A) there are no good substitutes for its good. B) many other firms produce identical products. C) it is very large. D) its demand curves are downward sloping. E) its demand curve is vertical at the profit-maximizing quantity.
Fixed costs are best defined as
a. costs that do not vary with output. b. costs that are at a minimum when output approaches the firm's capacity. c. the amount that one more unit of output adds to total costs. d. costs that decline as output increases.