Money is a convenience that makes the economic pie bigger
Indicate whether the statement is true or false
TRUE
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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
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.
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
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.