When you keep your savings in a saving account, you are using money as a(n)
A. investment good.
B. unit of account.
C. medium of exchange.
D. store of value.
Answer: D
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If not all goods are essential, a consumer will end up optimizing at a corner solution.
Answer the following statement true (T) or false (F)
Once the state environmental protection agency devises its new policy to protect the environment, firms decide whether to remain in the state or move their operations to a neighboring state. In the language of game theory, this is an example of:
A) a cooperative game. B) a sequential game. C) a threat. D) the Prisoner's dilemma.
In the above figure, an unregulated natural monopolist will produce output level
A) Q1. B) Q2. C) Q3. D) Q4.
William is a wheat farmer and wheat sells in a perfectly competitive market, with an equilibrium price of $5 per bushel. Its marginal revenue: a. is greater than $5
b. is $5. c. is less than $5. d. cannot be determined from the above information.