Which of the following is NOT an important criterion for whether a good will be usable as a medium of exchange?
A) The good must be of standardized quality.
B) The good must be valuable relative to its weight.
C) The good must have value even if it were not being used as money.
D) The good must be durable so that value is not lost through product spoilage.
C
Economics
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The extra benefit resulting from a small increase in an activity is called the
A) opportunity cost. B) marginal benefit. C) diminishing returns of the activity. D) marginal cost.
Economics
In the above figure, if the market produces the efficient amount of purses then producer surplus equals
A) triangle bcd. B) triangle adc. C) rectangle bcde. D) trapezoid adec.
Economics