A monetary system is preferable over the barter system because of the problems associated with
A) the law of diminishing marginal utility. B) the law of increasing relative costs.
C) the double coincidence of wants. D) cash leakages.
C
Economics
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The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the producer surplus?
A) area A + area B + area C B) area A + area F C) area B + area C + area D + area F D) area C + area D + area E + area G E) area F
Economics
In a society with market failure, there
a. is no pollution b. are no public goods c. is an inefficient allocation of resources d. are no markets e. is no need for a government
Economics