Where Es is the elasticity of supply and Ed is the own price elasticity of demand, the fraction of the tax passed on to consumers in the form of higher prices is

The quantity theory of money predicts that in the ________, a 10 percent increase in the quantity of money leads to a 10 percent increase in ________

A) long run; real GDP B) short run; velocity C) long run; velocity D) long run; price level

Which real-world market most closely approximates perfect competition?

a. the stock market b. automobiles c. higher education d. cable television services e. retail clothing stores