The most important characteristic that differentiates one market structure from another is the
a. time it takes for new firms to enter
b. amount of short-run economic profit
c. degree to which goods complement each other
d. number of producers selling in the market
e. barriers to entry
D
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The opportunity cost of holding money refers to
A) the service fees associated with checking accounts. B) the service fees associated with checking accounts plus the costs undertaken to prevent theft. C) the interest that could have been earned if the money balances had been transferred to an interest-bearing asset. D) the pleasure that would have been received if the money balances had been used to buy a good or service.
When prices in the goods and services market are below the level anticipated,
a. output will temporarily exceed the economy's long-run potential. b. output will temporarily fall short of the economy's long-run potential. c. output will be equal to the economy's long-run potential. d. the actual rate of unemployment will be less than the natural rate of unemployment.