An oligopoly has ______ sellers in the market.
A. 0
B. 1
C. 3
D. many
C. 3
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Using the data in the above table, if the firm employs 3 workers, total product (measured in units per day) and average product and marginal product of the third worker (measured in units per worker) are
A) 19, 6 1/3, and 9 respectively. B) 3, 19, and 6 1/3 respectively. C) 19, 3, and 9 respectively. D) 19, 6 1/3, and 7 respectively.
Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. Tomaso faces ________ opportunity costs in the production of pizzas and calzones
A) decreasing B) constant C) increasing D) negative
The function of money that enables individuals to exchange goods and services in a common unit of account is called:
A) medium of exchange. B) store of value. C) unit of account. D) measure of power.
If fiat money has no value apart from its use as money, how can it be used as a medium of exchange?
What will be an ideal response?