Innovations, including new products and services, in financial markets and institutions have made the job of defining the money supply easier

In words, the equation of exchange says that

A) the total amount spent on final output equals the amount received for final output. B) the amount of money in circulation equals the velocity of the price level. C) changes in the money supply will have no impact on the amount spent on final output. D) when velocity equals 1, nominal GDP equals the price level.

The quantity which a firm will supply in the short run

a. can be read from its average cost curve. b. can be read from its average variable cost curve. c. can be read from the firm's marginal cost curve above average variable cost. d. is always zero above minimum average variable cost.