If an economy uses silver as money, then that economy's money
a. serves as a store of value but not as a medium of exchange.
b. serves as a medium of exchange but not as a unit of account.
c. is commodity money.
d. has no intrinsic value.
c
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The outcome of the game in the figure shown will be:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. Joe puts forth high effort and Sarah puts forth low effort.
B. Joe puts forth low effort and Sarah puts forth high effort.
C. Joe and Sarah both put forth low effort.
D. Joe and Sarah both put forth high effort.
Which of the following is not associated with more inelastic demand?
a. a limited amount of time for consumers to respond to a price change b. availability of many close substitutes c. large percentage of income spent on the good in question d. Neither b. or c. is associated with more inelastic demand
The supply curve of a single-price monopolist
a. coincides with its marginal cost curve above its average total cost curve b. coincides with its marginal cost curve above its average variable cost curve c. is established by the government d. slopes downward due to substantial economies of scale e. does not exist
Acme Computer Co sells computers to retail stores for $400 . If Acme requires the retailers to charge customers $500 for the computers, then it is engaging in
a. resale price maintenance. b. predatory pricing. c. tying. d. monopolistic competition.