Fiat money refers to a monetary system in which gold backs up paper money
Indicate whether the statement is true or false
FALSE
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In a perfectly competitive market, which of the following determines the market price?
A) market demand and a firm's supply B) market supply and a firm's demand C) a firm's demand and its supply D) market demand and market supply
Answer the following statements true (T) or false (F)
1. Creative destruction is something that our society should try to avoid, through government regulation of business. 2. Creative destruction entails both costs as well as benefits. 3. The costs of competition's creative destruction are often widespread, while the benefits often accrue to only a few. 4. Some economists are now proposing that patents may be detrimental to technological advance in industries with complicated multiple-component products.