Which of the following is an accurate statement about a perfectly competitive market?
a. The market has few buyers and sellers.
b. Suppliers have significant control over prices.
c. Each buyer purchases a large percent of the total amount sold.
d. At the market price, the firm’s demand curve is extremely elastic.
d. At the market price, the firm’s demand curve is extremely elastic.
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
The nominal interest rate is:
A. not adjusted for inflation. B. the interest rate paid by savers. C. the interest rate paid to borrowers. D. the price level adjusted interest rate.
The substitution effect is the change in the quantity demanded of a good that results from
a. the effect of a change in the price on consumer purchasing power. b. the effect of a change in the price making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power. c. either a or b d. none of the above.
The mistake of inferring causality from ________ is called the post hoc, ergo propter hoc fallacy.
A. two events happening one after the other B. two or more unrelated events occurring at the same time C. the same event occurring multiple times D. two or more related events occurring at the same time