Firms in a competitive market are said to be price takers because there are many sellers in the market, and the goods offered by the firms are very similar if not identical

The real value of an economic statistic refers to a statistic that has been adjusted for: a. depreciation

b. recession. c. inflation. d. unemployment.

Bank reserves will increase over time when:

A. the Fed sells government securities on the open market. B. the Treasury sells government securities on the open market. C. depositors take funds out of their checkable deposit accounts. D. the Fed buys government securities on the open market.