If after a change in an allocation it can be demonstrated that the value of the gains exceeds the value of the losses, then the change is said to be potentially efficient.
Answer the following statement true (T) or false (F)
True
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Which part or parts of the following statement describe each of the three functions of money?
"A pair of prescription glasses costs $250. I am spending $250 on one pair right now, and am saving $250 to buy a second pair in 6 months when the new styles are introduced."
Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the average total cost is
a. Aq2 + bq + cq +d/q b. Aq2 + bq + c c. Aq3 + bq2 + cq d. d
When there is an excess quantity supplied
A) the market is in equilibrium. B) quantity demanded is greater than quantity supplied. C) quantity demanded is less than quantity supplied. D) prices will remain stable.
Refer to the above figure. Which arrows represent items that are NOT measured in dollar terms?
A. Arrows A and B B. Arrows C and D C. Arrows A and D D. Arrows B and C