If Year 1 is the base year, the CPI for Year 2 is approximately

Money's function as a medium of exchange means that

A) money is a common denominator for expressing the prices of goods and services. B) money can be used to store wealth. C) money serves as an acceptable means of payment. D) money requires a double coincidence of wants.

Compared to a competitive market, a firm that has a monopsony in a labor market would

A) hire fewer workers and pay higher wages. B) hire more workers and pay higher wages. C) hire more workers and pay lower wages. D) hire fewer workers and pay lower wages.