The larger firms in the red-meat industry have blunted the effects of competition by relying on product differentiation, which in effect, creates a downward-sloping demand curve for each firm's product

An advantage of a swap over futures and options is that

A) they can be written for long periods. B) they are more liquid. C) they carry less default risk. D) there is no need to assess the creditworthiness of participants.

According to the Lucas supply function, if the expected price level is larger than the actual price level

A. real output increases. B. real output decreases. C. nominal output decreases. D. nominal output increases.