Refer to the figure above. What is the opportunity cost of producing one Web site?

In the quantity theory of money, which of these variables is endogenous?

A) the price level B) the velocity of money C) real output D) the money supply E) none of the above

Resource prices that are fixed by long-term contracts help explain why, in the short run, firms will

a. increase output when product prices increase. b. keep production levels constant when product prices decrease. c. keep their product prices constant even if the demand for their good increases. d. keep their product prices constant even if the demand for their good decreases.