Money is a convenience that makes the economic pie bigger

Indicate whether the statement is true or false


TRUE

Economics

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As in all other competitive markets price equals marginal cost in a market for a scarce, non-renewable resource that is traded in a competitive market

Indicate whether the statement is true or false

Economics

Higher levels of savings will result in all of following except: a. greater economic growth

b. higher capital formation. c. more consumption in the future. d. lower rates of investment.

Economics

Elasticity of demand equals the ratio of the percentage change in the price of a good to the percentage change in the quantity demanded

a. True b. False Indicate whether the statement is true or false

Economics

Which of the following is a defining characteristic of all perfectly competitive markets?

A. The market demand curve is perfectly elastic. B. All firms sell the same standardized product. C. Consumers display strong brand loyalty. D. Each firm in the market faces a perfectly inelastic demand curve.

Economics