When money is used to buy a computer, it is functioning as a
A) unit of account.
B) store of value.
C) medium of exchange.
D) none of the above
C
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Diminishing marginal rate of substitution can be seen when indifference curves
A) cross. B) are convex. C) are downward sloping. D) become flatter as we move down and to the right.
A firm that is earning zero economic profit should go out of business
a. True b. False Indicate whether the statement is true or false
The long-run supply curve for a competitive industry
a. may be horizontal if entry into the industry lowers average total cost. b. may be upward-sloping if higher-cost firms enter the industry. c. will be horizontal if there is free entry into the industry. d. will be upward-sloping if there are barriers to entry into the industry.
Explain Paul Romer's ideas concerning economic growth
What will be an ideal response?