If an economy produces 3,000 units of output with a price level of $2 and with a velocity of money of 12, we know that the money supply must be: A. $1,000. B. $500. C. $2,000. D. $4,000.

Exit of a firm refers to:

A) a short-run decision by a firm to not produce anything. B) a long-run decision by a firm to leave the market. C) a refusal to work organized by a group of employees at the firm. D) an exclusion of employees of a firm from their place of work until certain terms are agreed upon by them.

A union can always get the wage rate it demands from a monopsonist, but not from a perfectly competitive employer

Indicate whether the statement is true or false