We, here at Economic Forces, talk a lot about competitive markets. We also highlight how worried people are about monopoly and dig into whether there is any reason to worry. But what about something like dollars? To some extent, dollars are issued competitively, as in the case of deposits. However, only the Federal Reserve prints up physical currency. Yet, there is little in the way of public complaints about this. How can we use price theory to think about a competitive money supply? And what are the macroeconomic implications of these price theoretic insights?