If a saver has a positive rate of time preference then the present value of $100 to be received 1 year from today is:

The unit of account is defined as

A) an object that is accepted in return for goods and services. B) the medium of exchange. C) the exchange of goods and services directly for other goods and services. D) barter. E) an agreed upon measure for stating prices of goods and services.

The portion of the long-run average cost curve in which economies of scale are experienced shows that as output increases, the

A) average total cost decreases. B) average total cost increases. C) marginal cost increases. D) marginal cost decreases. E) average variable cost is constant and the average fixed cost decreases.