The term "barter" is used to refer to

Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 

A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C

Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna can only set one price, what price should she set?

a. $100 b. $70 c. Any price higher than $100 d. Any price lower than $70

Economic profit equals

A) accounting profit plus the cost of capital. B) accounting profit minus the cost of capital. C) accounting profit minus interest payments. D) accounting profit plus interest payments.

Creative destruction by innovation means

A. destruction of an innovative product once it fails in the market. B. introduction of an innovative product makes older substitute goods obsolete. C. substitute goods make innovative goods less competitive in the market. D. introduction of innovative goods increase the competition in the market