Which of the following is the main disadvantage of using shells as money instead of coins?
(A) Divisibility
(B) Portability
(C) Uniformity
(D) Durability
Ans: (C) Uniformity
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"One of the defining features of monopolistic competition is product variety." Is the previous statement correct or incorrect?
What will be an ideal response?
When a product transformation curve for a firm is bowed inward, there are ________ in production
A) economies of scope B) economies of scale C) diseconomies of scope D) diseconomies of scale
An example of a standardized good is:
A. grain. B. granola cereal. C. hamburgers. D. digital cameras.
In response to an increase in AD: a. The price level will increase more in the long run than in the short run
b. Real output will increase more in the long run than in the short run. c. Both the price level and real output will increase more in the long run than in the short run. d. Neither the price level nor real output will change in the long run.