Competition as a dynamic process implies that individual firms in a market
a. seek to utilize a variety of techniques, such as product, style, and convenience of location, to win the dollar vote of consumers, but they never use price to compete.
b. use price competition as well as other forms of competition to gain the dollar votes of consumers.
c. produce a homogeneous product.
d. cooperate, attempting to establish a price and output structure so each firm can survive and continue to serve the consumer.
B
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Refer to the accompanying figure. Assume the market is originally at point W. Movement to point X is the result of: 
A. an increase in demand and an increase in quantity supplied. B. a decrease in supply and an increase in quantity demanded. C. an increase in supply and an increase in demand. D. an increase in supply and an increase in quantity demanded.
The classical economists believed that if the quantity of money doubled
A) output would double. B) prices would fall. C) prices would double. D) prices would remain constant.
The demand for money will increase when either the price level or real GDP increases
a. True b. False Indicate whether the statement is true or false
According to the above table, the value of MPS is
A. 0.1. B. 0.9. C. 0.2. D. increasing as real disposable income rises.