Money exchanges are more efficient than barter because:
a. money exchanges do not require a double coincidence of wants.
b. the government guarantees the value of money.
c. money usually has an intrinsic value.
d. money is backed by a physical commodity.
e. opportunity costs are higher with barter trades.
a
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Refer to Figure 13-11. The diagram depicts a firm
A) in an increasing-cost industry. B) in long-run equilibrium. C) that is making short-run losses. D) in a constant-cost industry.
The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the sixth unit of the resource is
A. $30. B. $10. C. $60. D. $20.