If a firm operates in a imperfectly competitive market, it may be able to price its products in local currencies above world prices for their goods. This is called

Money as a medium of exchange

I. facilitates the exchange of goods. II. reduces or eliminates the need for barter. A) I only B) II only C) both I and II D) neither I nor II

The fact that many people drive faster than the posted speed limit suggests that

A) not all price floors are enforceable. B) not all price and quantity regulations are enforceable. C) individual drivers act irrationally. D) government regulation is utterly useless.