According to classical economists, the price level will remain unchanged as long as the growth rate of M equals

Which of the following would be most likely to contribute to the breakdown of a cartel in a natural resource (e.g., bauxite) market?

a. high prices b. low price elasticity of demand c. high compatibility of member interests d. significant barriers to entry e. unequal member ownership of the natural resources

Checking account deposits are classified as money because:

A. they can be readily used to make purchases and pay debts. B. they earn interest income for the depositor. C. banks hold currency equal to their outstanding deposits. D. they are ultimately obligations of the Treasury.