If something serves as a store of value, we expect it to be
A) divisible.
B) durable.
C) of intrinsic value.
D) light.
B
You might also like to view...
If the price elasticity of supply for a good is equal to infinity, then the
a. supply curve is vertical. b. supply curve is horizontal. c. supply curve also has a slope equal to infinity. d. quantity supplied is constant regardless of the price.
Three major means of collusion by oligopolists are:
A. cartels, informal understandings, and price leadership. B. market sharing, mutual interdependence, and product differentiation. C. cartels, kinked-demand pricing, and product differentiation. D. informal understandings, P = MC pricing, and mutual interdependence.
A supply restriction on imported goods, such as the government's restriction of imported oil for many years, is referred to as
A) an export quota. B) an import quota. C) a price floor. D) a price ceiling.
Studies have shown that drinking one glass of red wine per day may help prevent heart disease. Assume this is true, and a fungal disease destroys a large portion of the grape harvest of California vineyards. In the market for red wine, these two
developments would A) increase demand and increase supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of red wine. B) increase demand and decrease supply resulting in a decrease in both the equilibrium quantity and the equilibrium price of red wine. C) increase demand and decrease supply, resulting in an increase in the equilibrium price and an uncertain effect on the equilibrium quantity of red wine. D) increase demand and decrease supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of red wine.