Assume the Federal Reserve increases the required reserve ratio from 10 to 20 percent and reserves are $80 billion. Then the change in the money supply will be

In perfect competition, _____

a. economic profits are eliminated by entry in the long run b. economic profits are eliminated by exit in the long run c. price is greater than marginal cost at the profit-maximizing equilibrium d. the marginal cost curve is perfectly elastic in the long run

The sum of the value added of every firm involved in producing all final goods and services ________ gross domestic product

A) equals B) is greater than C) is less than D) is sometimes greater than and other times less than