People are often heard saying, “She makes good money.” An economic interpretation of this statement would be that
A. she has an honest job.
B. she makes money that is not counterfeit.
C. she has a high income.
D. there is little inflation.
Answer: C
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In the product market
A) businesses trade goods and services for resources. B) consumers trade monetary payments for goods and services. C) consumers trade goods and services for resources. D) consumers trade resources for goods and services.
As opposed to general equilibrium analysis, partial equilibrium analysis looks
A) at an equilibrium and changes to it in a single, isolated market. B) at how changes in all other markets effect a particular market. C) at how equilibrium is determined in all markets simultaneously. D) at either price or quantity movements.
Ordinary Annuity
What will be an ideal response?
Explain why a perfectly competitive firm has no incentive to charge a higher or lower price than the market price.
What will be an ideal response?