Which of the following is true?
a. Velocity is not constant over time
b. The best way to study economic activity is to start with the equation and then integrate the money supply and the volume of international trade.
c. Control over the money supply implies that the Fed has precise control over real GDP.
d. All of the above are true.
a
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A marginal cost pricing rule sets marginal cost equal to
A) minimum average variable cost. B) price. C) average cost. D) marginal revenue. E) the smaller of price or marginal revenue.
If the demand for a product is inelastic, which of these statements must be true?
(A) Customers are sensitive to the price of the product. (B) A price increase does not have a significant impact on buying habits. (C) There are very few satisfactory substitutes for the product. (D) People will not buy any of the product when the price goes up.