Suppose the price of coffee is $3 each, the price of bagels is $2 each and a person's budget is $40. The relative price of coffee is

The speculative motive for holding money is closely tied to what function of money?

A) store of wealth B) unit of account C) medium of exchange D) standard of deferred payment

Bilateral monopoly exists when

A) a single buyer confronts a single seller. B) there are two monopolistic buyers trying to buy resources. C) two labor unions are trying to represent the same group of workers. D) a firm is both a monopoly in its output market and a monopsonist in its input market.