Figure 11-1
The Red Cross is virtually the only operator of blood banks in the United States. In Figure 11-1 are the demand and cost curves facing the Red Cross blood bank. If the Red Cross were to set price and quantity at the level that it would obtain in the long run in a competitive industry, how much blood would it sell?
a.
OA
b.
OB
c.
OD
d.
OC
d
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Price tags attached to goods for purchase at a store would be an example of money's role as a
A) medium of exchange. B) store of value. C) unit of account. D) none of the above
One way to characterize technological change is "creative destruction," which basically means that today's innovation will productively destroy yesterday's capital investment
This destruction creates new job opportunities, boosts production and offers a greater variety or more goods and services than in the past. Indicate whether the statement is true or false