An asset is best able to serve as a medium of exchange if it is:
A. nonliquid.
B. a store of value.
C. liquid.
D. not a store of value.
Answer: C
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Indifference curves show the ________ of combinations of two products.
A. marginal utility B. secular utility C. total utility D. individual utility
Price flexibility is a key feature of ________
A) traditional Keynesian theory B) new Keynesian theory C) real business cycle theory D) traditional Keynesian, new Keynesian and real business cycle theory
Which of the following is a firm's supply curve in a perfectly competitive market?
a. Total cost. b. Marginal revenue. c. Marginal cost. d. Average variable cost.
We know that in the long run, perfectly competitive firms produce where MC = MR and end up making zero economic profit. The profit-maximizing output level for a monopolist is where
a. price is maximized b. quantity is maximized c. ATC curve is minimized d. maximum efficiency is achieved e. MR = MC