"Barter" implies that
A) to get one good or service, an individual offers another.
B) to get one good or service, an individual offers money.
C) to get a check, an individual offers a good or service.
D) different kinds of money are exchanged for each other.
E) none of the above
A
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What is the endowment effect?
A) the tendency of firms to use celebrities endowed with good looks to promote their products B) the phenomenon that economic agents are endowed with different qualities and abilities so that trade among individuals increase efficiency C) the tendency of people to be unwilling to sell something they already own even if they are offered a price that is greater than the price they would be willing to pay to buy the good if they didn't already own it. D) the tendency for economic agents with abundant resources to consume a proportionately greater quantity of goods and services
Because firms produce a differentiated product, each of the firms in a monopolistically competitive market faces a demand curve that is:
A) perfectly elastic. B) perfectly inelastic. C) downward sloping. D) perfectly elastic or perfectly inelastic depending on whether the firm's output is a luxury or a necessity.
Based on the available evidence, which of the following groups benefits most from mandatory seat belt laws?
a. automakers b. pedestrians c. drivers d. owners of collision-repair shops
Monopolies are inefficient because they (i) eliminate barriers to entry. (ii) price their product at a level where marginal revenue exceeds marginal cost. (iii) restrict output below the socially efficient level of production
a. (i) and (ii) only b. (ii) and (iii) only c. (iii) only d. (i), (ii), and (iii)