What is the real value of money?
A) the ability of shop at market prices B) the quantity of goods it can buy
C) its compounded earnings in banks D) its face value
B
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Expected utility is the utility that arises from expected wealth
Indicate whether the statement is true or false
Total revenues
A) are defined as the quantity sold divided by price. B) are not the same as total receipts from the sale of output. C) equal gross revenues minus all expenses of the firm. D) equal the price per unit times the total quantity sold.
Emission permits allow producers to pollute an unspecified amount
a. True b. False Indicate whether the statement is true or false
When economists say a market has "barriers to entry," they refer to:
A. monopolists being prohibited from selling their products to certain customers. B. a policy that some countries establish to reduce imports from other countries. C. factors that prevent other firms from challenging a firm with market power. D. economic profits that are positive, but too high to encourage entry.