A technological advance in the production of MP3 players will cause the equilibrium selling price to increase.
Answer the following statement true (T) or false (F)
False
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Money serves as a medium of exchange means that
A) it benefits both buyers and sellers. B) it eliminates the need for barter. C) it reduces transaction costs. D) All of the above are correct.
Which of the following is correct when the perfectly competitive firm is producing its long-run equilibrium output level?
a. MR equals MC. b. AR equals ATC. c. P equals MC. d. All of these.
Which of the following would shift the long-run Phillips curve to the right?
a. expansionary fiscal policy b. an increase in the inflation rate c. increases in unemployment compensation d. None of the above is correct.
Which of the following is not a reason for changes in exchange rates
a. purchasing power parity b. strong economic growth c. the gold standard d. speculation