Which part or parts of the following statement describe each of the three functions of money?
"A pair of prescription glasses costs $250. I am spending $250 on one pair right now, and am saving $250 to buy a second pair in 6 months when the new styles are introduced."
Spending $250 on one pair of prescription glasses right now describes the medium of exchange function.
Saving $250 to buy a second pair of prescription glasses in 6 months describes the store of value function.
The $250 price for a pair of prescription glasses describes the standard of value function.
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The graph shows the market for holiday condos in West Palm Beach. The equilibrium rent is ________ a week
A) any amount less than $1,550 B) any amount greater than $1,550 C) $1,550 D) $4,000 E) None of the above answers is correct.
A person who performs supervisory activities will also be a _____ if she/he is financially responsible for investment and other contracted decisions
a. residual claimant b. director c. shareholder d. financial advisor
Entry of new firms causes
A) accounting profits to go to zero. B) market share to grown. C) economic profits to go to zero. D) total revenue to be maximized.
Total revenue equals
a. marginal revenue - marginal cost. b. price/quantity. c. price x quantity. d. output - input.