Min is not an art lover. But, she just purchased a painting because she thinks it will be a good way to hold her wealth over time. Which function of money is the painting fulfilling?
A. medium of exchange
B. store of value
C. medium of deferred payment
D. unit of account
Answer: B
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If the cross-price elasticity of demand is -3, then the goods are __________ and the consumers' responsiveness would be characterized as __________
a. substitutes; inelastic b. substitutes; elastic c. substitutes; unit elastic d. complements; inelastic e. complements; elastic
In which of the following areas are partnerships common?
a. Contract jobs won through bidding b. A large multinational corporation c. Small firms producing semi-finished goods d. Professional group practices
Diane's Auto World installs tires on automobiles, light trucks, and sport utility vehicles. She is a profit-maximizing business owner whose firm operates in a competitive market. The marginal cost of installing a tire is $10 . The marginal productivity of the last worker that Diane hired was 2 tires per hour. What is the maximum hourly wage that Diane was willing to pay the last worker hired?
a. $5 b. $10 c. $20 d. There is insufficient information to answer this question.
All models of oligopoly involve pricing above marginal cost and output levels above the competitive level.
Answer the following statement true (T) or false (F)