Whatever serves as a medium of exchange is:
a. money
b. money, as long as it is also the best such medium of exchange available.
c. money, as long as it is not also a commodity.
d. money, as long as it is not also legal tender.
e. not money, unless it continues to be backed by its issuing institution.
a
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The concept of comparable worth:
a. is that pay ought to be determined by job characteristics rather than by supply and demand. b. is that pay ought to be determined by supply and demand rather than by job characteristics. c. has made hiring practices much simpler for employers. d. asserts that market-determined wages are the only appropriate way in which to allocate pay. e. is easy to implement once a new worker has been hired.
Monopolistically competitive firms have downward-sloping demand curves. In the long run, monopolistically competitive firms earn zero economic profits. These two characteristics imply that in the long run
A) monopolistically competitive markets achieve productive efficiency. B) monopolistically competitive markets achieve allocative efficiency. C) monopolistically competitive firms earn economic profits. D) monopolistically competitive firms have excess capacity.