Explicit costs are measured in dollars
Indicate whether the statement is true or false
TRUE
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Perishable goods such as tomatoes and milk are never used as a form of money, primarily because they cannot function as:
a. a store of purchasing power. b. a means of payment. c. a standard of deferred payment. d. a medium of exchange. e. a unit of account.
Which of the following situations is not an example of market failure:
A. Ben's Department Store cannot charge passers-by for using the sidewalk outside the store B. Ben cannot afford to buy a high-end Mercedes Benz luxury car C. Ben's Place is the only restaurant in town and thus he has significant power to set menu prices D. Ben's Industries is dumping its wastewater into the unregulated river behind the factory
Short-run cost relationships for a firm are
A) determined by the law of diminishing marginal product. B) determined by the specific long-run relationships that exist. C) due to the level of wages relative to other input prices. D) due to the normal contractual relations in a market.
Savers and investors interact through intermediaries in financial capital markets.
Answer the following statement true (T) or false (F)