Bitcoin is a:
a. Virtual currency that keeps track of owners and users by means of a clearing house called Mt. Gox.
b. Virtual currency that publishes all Bitcoin-related domestic transactions online but keeps its international transactions confidential.
c. Is a virtual currency that publishes online the details of all its customers' transactions but manages to keep customer anonymity by not publishing facts pertaining to their addresses?
d. Physicalcurrency that has grown in popularity because it does not need to be cleared, thereby making these transactions anonymous.
.C
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Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her consumer surplus on this pair of shoes is
A) $20. B) $50. C) $30. D) $80.
Explain how each of the following events would affect the short-run aggregate supply curve
a. A decrease in the price level b. A decrease in what the price level is expected to be in the future c. A price level that is currently lower than expected d. An unexpected decrease in the price of an important raw material e. A decrease in the labor force
A firm calculated that the income elasticity of demand for its signature product was equal to (+)0.87. Based on this information, we can say that the firm's product is:
a. A substitute good b. A complementary good c. An inferior good d. A normal good
If a pet grooming salon hires an additional groomer, that worker can groom 4 additional pets per day. The average grooming fee is $25. The most the salon would be willing to pay that groomer is
A. $4 per day. B. $25 per day. C. $100 per day. D. indeterminate with the given information.