One thousand dollars given to you a year from now is worth ________ to you today if the relevant discount rate is 10%.

In the above figure, the curve labeled A shifts rightward if

A) expected future profits decrease. B) the quantity of money decreases. C) the substitution effect occurs. D) taxes decrease.

Because each perfectly competitive firm sells a product identical to that of the other firms

A) each firm tries to cut prices to increase its market share. B) each firm's output is a perfect substitute for the output of any other firm. C) each firm expects to earn some economic profit. D) the demand for each firm's product is perfectly inelastic.