Sue uses a credit card to purchase a new pair of jeans. Sue is:
A. creating a liability that she will ultimately have to pay with money.
B. using a form of money included in M2.
C. using money to buy her jeans since credit cards is money.
D. using an electronic payment form of money.
Answer: A
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A deadweight loss arises under perfect competition
a. True b. False Indicate whether the statement is true or false
The price at which marketable pollution permits are sold is set by the government.
Answer the following statement true (T) or false (F)
Which of the following factors will make the demand for a product relatively elastic?
A. The good is considered a necessity. B. There are few substitutes. C. The time interval considered is long. D. Purchases of the good require a small portion of consumers' budgets.
In a second-price sealed-bid auction, ________
A) bidders submit their bids privately B) bidders place their bids one after another C) bidders know each other's bid D) bidders bid above their willingness to pay