An increase in the price level causes the value of money to _____. Therefore, people will want to hold ____ money, because the cost of their purchases has increased
Fill in the blank(s) with correct word
fall, more
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Which of the following is NOT a problem with barter?
A) each good has multiple prices B) high transactions costs C) the commodity money having value for other uses besides money D) lack of standardization of products exchanged
According to the graph shown, if a firm is producing at Q2, and it is identical to others in the market:
A. profits are not being maximized. B. firms will enter this market. C. economic profits are zero. D. firms will leave this market.
A production possibilities curve that is "bowed out" or concave to the origin:
a. illustrates a tradeoff in which the opportunity cost of a good increases with the level of its production. b. illustrates a tradeoff in which the opportunity cost of a good decreases with the level of its production. c. illustrates a tradeoff in which the opportunity cost of a good is constant at all levels of production. d. demonstrates the fallacy of composition.
Given the table below, what is average total cost when 200 units of output are produced? 
A. $4.00 B. $2.30 C. $2.50 D. $4.80 E. none of the above