Market exchange is typically an exchange of goods for money, as opposed to goods for goods, because use of money solves the problem of
A) the absence of a coincidence of wants.
B) the absence of a double coincidence of wants.
C) a coincidence of needs.
D) tax evasion.
B
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Because of the income effect, a higher wage rate
A) shifts the supply of labor curve leftward. B) shifts the supply of labor curve rightward. C) leads to a decrease in quantity of labor supplied. D) leads to an increase in quantity of labor supplied.
Which of the following best defines "economies of scope"?
A) As output expands the cost of producing a good decreases. B) As output expands the cost of producing a unit of a good decreases. C) Because firms use specialized resources to produce a range of goods, as the number of products produced increases, the cost of producing a unit decreases. D) Costs increase as firms seek to find more consumers.