In the short run, a firm that is incurring losses would always be better off if it keeps producing.

Velocity is V, the quantity of money is M, the price level is P, and real GDP is Y. Which of the following formulas is correct?

A) Y = (P × M) ÷ V B) Y = V × M C) Y = (P + M) - V D) V = (P + Y) × M E) V = (P × Y) ÷ M

The free-rider problem is the absence of an incentive for

A) firms to produce public goods. B) people to use common resources. C) people to pay for what they consume. D) people to vote.