Which of the following describes the store of value function of money?
A) noting that Audible.com sells downloadable audio books for $10 per book
B) making a monthly payment toward your car loan
C) paying $30 for a haircut
D) putting away $50 each month into your savings account
Answer: D) putting away $50 each month into your savings account
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The above table gives the demand and supply schedules for cat food. If the supply increases by 20 tons at every price, what is the new equilibrium price and quantity?
What will be an ideal response?
Costs that are incurred by a business are called ________. Examples include salaries, equipment, travel, rent, and insurance.
a. profit b. expenses c. revenue d. outflow e. debt
If the demand for green tea increases as income increases, green tea is a(n)
A. inferior good. B. substitute good. C. complementary good. D. normal good.
Refer to Scenario 16.2 below to answer the question(s) that follow. SCENARIO 16.2: The marginal benefit for a particular food is described by MB = 60 - q, where q refers to the quantity of the food. The marginal cost of producing the food is described by MC = 3q. There is a negative externality associated with food production and the marginal social cost of food production is MSC = 5q.Refer to Scenario 16.2. The efficient output level is ________ and the efficient price is ________.
A. 10 units of food; $50 B. 20 units of food; $40 C. 0 units of food; $0 D. 10 units of food; $20