What factors have slowed down the movement to a system where all payments are made electronically?
What will be an ideal response?
The equipment necessary to set up the system is expensive, security of the information, and privacy concerns are issues that need to be addressed before an electronic payments system will be widely accepted.
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If Niki is willing to pay up to $5 for an ice-cream bar but she actually pays $2 for it. The consumer surplus of the ice-cream bar for Niki
A) is $2. B) is $3. C) is $7. D) cannot be determined without information about the market structure.
There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. Those two types of market are
a. monopolistic competition and oligopoly. b. duopoly and triopoly. c. perfect competition and monopolistic competition. d. duopoly and imperfect competition.
Suppose that when the price of root beer rises 10%, the quantity of hotdogs demanded falls 5%. This would mean that hotdogs and root beer are
A. substitutes, with a cross price elasticity of 0.5. B. substitutes, with a cross price elasticity of -2.0. C. complements, with a cross price elasticity of -0.5. D. complements, with a cross price elasticity of -2.0.
Keynesian macroeconomists argue that the short-run Phillips curve ________ represent a usable trade-off for policymakers because ________.
A. does; prices are sticky B. does not; prices are not sticky C. does; prices are not sticky D. does not; prices are sticky