What is the "medium of exchange" function of money?
A. a common measurement of the relative value of different goods and services
B. the ability of money to hold value over time
C. the quality of money not to be hoarded because of its commodity value
D. the function of money to be widely accepted I exchange for goods and services
Answer: D
Economics
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If a firm in a perfectly competitive industry introduces a lower-cost way of producing an existing product, the firm will be able to earn economic profits in the long run
Indicate whether the statement is true or false
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Refer to the above figure. Point C is known as
A) a peak. B) a trough. C) an expansion. D) a contraction.
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