What are the four functions of money? Can something be considered money if it does not fulfill all four functions?
What will be an ideal response?
The four functions are medium of exchange, unit of account, store of value, and standard of deferred payment. In the long run, something will not serve as money if it does not fulfill all four functions.
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A subsidy is a negative tax
Indicate whether the statement is true or false
Can electric utility companies always raise their total revenue by raising their rates?
What will be an ideal response?
Refer to Figure 4-4. What is the value of the deadweight loss at a price of $18?
A) $100 B) $180 C) $660 D) $1,040
A monopolist maximizes profits by finding
A) the rate of output where marginal revenue equals marginal cost. B) the rate of output where price equals marginal cost. C) the price where price exceeds marginal revenue by that largest amount. D) the price where average revenue and marginal cost are equal.