You can drive from Kansas City to St. Louis in five hours. You can fly between both cities in two hours. The price of an airline ticket is $150. The cost of driving between the cities is $50. About what hourly wage would make the "full" cost of driving equal the "full" cost of flying, where "full" cost includes the value of time?

The ease and quickness with which an asset can be exchanged for goods, services, or other assets is its

A) risk. B) time to maturity. C) velocity. D) liquidity.

Is a monopolistically competitive firm productively efficient?

A) No, because it does not produce at minimum average total cost. B) Yes, because it produces where marginal cost equals marginal revenue. C) No, because price is greater than marginal cost. D) Yes, because price equals average total cost.