Define money and list its functions
What will be an ideal response?
Money is any commodity or token that is generally accepted as a means of payment. It has three main functions. It serves as a medium of exchange, a unit of account, and a store of value.
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Refer to Figure 12-11. Suppose the prevailing price is $20 and the firm is currently producing 1,350 units. In the long-run equilibrium
A) there will be fewer firms in the industry and total industry output decreases. B) there will be fewer firms in the industry but total industry output increases. C) there will be more firms in the industry and total industry output remains constant. D) there will be more firms in the industry and total industry output increases.
In the simplest version of the Cournot model, we assume
A) the firms set price independently and simultaneously. B) the firms set price independently and sequentially. C) that the firms have identical costs. D) the firms are in a Nash equilibrium.