Recall the Application about Bitcoin and other cryptocurrencies to answer the following question(s). According to the Application, Bitcoin and other cryptocurrencies:
A. require a special method to encode or encrypt transactions.
B. are cleared using systems of the Federal Reserve.
C. are backed by gold or silver only.
D. All of these are correct.
Answer: A
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Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. Which of the following bundles are in Max's opportunity set?
A) a, b, c B) b, d, e C) a, b, d D) None of the above
In long-run equilibrium in perfect competition, every firm is producing at minimum average cost.
Answer the following statement true (T) or false (F)
Although a monopoly can charge any price it wishes, it chooses:
a. the highest price. b. price equal to marginal cost. c. the price that maximizes profit. d. competitive prices. e. a fair price.
Economic profit always equals
a. zero for a perfect competitor b. zero for a monopolist c. total revenue – total cost d. total revenue – explicit costs e. total revenue – implicit costs