Define the exchange rate
What will be an ideal response?
The exchange rate is the ratio at which two currencies are traded. It is the price of one currency in terms of another.
Economics
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Which of the following is true of a second-price sealed-bid auction?
A) Bidders directly compete with each other. B) Bidders submit their bids simultaneously. C) Bidders know each other's bid. D) Bidders always bid above their willingness to pay.
Economics
"Perfectly competitive firms have total control over the price they set for their product." Explain why the previous statement is correct or incorrect
What will be an ideal response?
Economics