When money serves as a store of value, it allows you to
A) transfer wealth into the future.
B) eliminate a double coincidence of wants.
C) be an effective negotiator.
D) find good bargains.
A
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The market for lawn services is perfectly competitive. Larry's Lawn Service cannot increase its total revenue by raising its price because ________
A) Larry's supply of lawn services is perfectly inelastic B) the demand for Larry's services is perfectly inelastic C) Larry's supply of lawn services is inelastic D) the demand for Larry's services is perfectly elastic
Villagers in Xiaogang, China, produced more rice than those in surrounding villages because:
a. they had better farmland. b. they were given better seeds. c. they were able to keep the output they produced individually. d. they made each family responsible for a certain, higher quota of rice production. e. they had common ownership over the rice produced.
Changes in which of the following do NOT shift the AS curve?
i. the price level ii. potential GDP iii. the money wage rate A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
Suppose the demand for pizza in a small isolated town is p = 10 - Q. There are only two firms, A and B, and each has a cost function TC = 2 + Q
Compare the firms' profits if they behave as Cournot duopolists with their profits if they form a cartel and share the market.