If real output in an economy is 1,000 goods per year, the money supply is $300, and each dollar is spent an average of 4 times per year, then according to the quantity equation, the average price level is

You hold a put option on December corn with a strike price of $4.00/bu. The December corn futures price is $4.75/bu. The intrinsic value of the option is:

A. $4.00/bu B. $0.00/bu C. $0.75/bu D. -$0.75/bu

To be binding, a price ceiling must be set above the equilibrium price

a. True b. False Indicate whether the statement is true or false