What function is money serving when you deposit money in a savings account?
A. A medium of exchange.
B. A unit of account.
C. A store of value.
D. A checkable deposit.
Answer: C
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A firm earns an operating profit if
a. price equals marginal cost. b. revenues exceed variable costs of production. c. price is less than average variable costs of production d. revenues equal fixed costs.
Briefly explain how the lower prices of a price ceiling can actually hurt some consumers.
What will be an ideal response?
Monopolistic competition is characterized by:
A. Rothschild indices that are close to zero. B. concentration ratios that are well above zero. C. employing labor from a perfectly competitive labor market. D. differentiated products.
A ________ line is a perfectly price elastic demand curve.
A. negatively sloped B. vertical C. positively sloped D. horizontal