Buyers and sellers receive signals from markets
A) by listening to the TV news programs.
B) through the price system.
C) from the gossip columns in the newspapers.
D) from their friends and acquaintances.
B
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Production functions A and B result in the same average total costs of production. However, production function A is twice as capital intensive as production function B. In this case, all else constant:
A) marginal costs will be higher in A than they are in B. B) marginal costs will be higher in B than they will in A. C) because total costs are equal, marginal costs will be equal for the two production functions as well. D) there is no way to say anything about the relative marginal costs of production in the two production functions without additional information.
If the total output is 300, the velocity of money is 5, and the money supply is 600, then the price level is
A) 10.0. B) 2.0. C) 2.50. D) 5.0.