(5) If the money supply increases 10 percent, velocity decreases 3 percent, and the price level increases 3 percent, then the change in real GDP must be 5 percent.

(3) In a duopoly if the firms have agreed to jointly maximize profits, then each firm can increase its current profits by producing more. Use the following table to answer question (4) and (5). Listed in the table are the long-run total costs for two firms.