For barter to occur there has to be

A. a single coincidence of wants.
B. a commodity to serve as a medium of exchange.
C. a double coincidence of wants.
D. a formal market where prices are quoted.


Answer: C

Economics

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A) decreases and then increases; marginal cost initially decreases and then increases B) decreases; average fixed cost decreases C) decreases; marginal returns diminish D) decreases; economies of scale are present

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What is the dominant strategy for Bob? Donna? Which strategy should each player choose to maximize the potential gain? What do you think the outcome of this game will be? Carefully explain your answers

What will be an ideal response?

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Which of the following is a final good or service?

A) tires purchased by Ford for use on one of their SUVs B) the new economics textbook you are using C) the hair gels used by a hairstylist at the local hair salon D) the butter used by a chef to make buttercream frosting E) the taco shells purchased by Taco Bell for use in their tacos

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The top _____% of U.S. households earn more than half of the country's income.

A. 10 B. 40 C. 30 D. 20

Economics