Credit card companies that operate as intermediary firms between credit card holders and business vendors are best described as
A) platforms in a shared-input market.
B) end users in a shared-input market.
C) platforms in a transaction-based market.
D) end users in a transaction-based market.
C
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The government makes all economic decisions in a market economy
Indicate whether the statement is true or false
The economic behavior of government is constrained by
a. limited budgets b. the absence of prices on most government output c. moral philosophy of the community d. low voter participation rates e. political self interest
An economic model is a(n)
a. philosophical inquiry b. set of numbers that describe a firm (e.g., profits and assets) c. abstract representation of reality d. concrete representation of reality e. ideal to which economic entities are compared
Why are diamonds more expensive than water?
A. because the last diamond has higher marginal utility than the last glass of water B. because the last glass of water has higher marginal utility than the last diamond C. because water is a necessity D. because you get more total utility from diamonds