Perishable goods such as milk or fruit are never used as money, because they cannot function as a
A) store of value. B) unit of accounting.
C) standard of deferred payment. D) medium of exchange.
A
Economics
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When the production of a good involves several inputs and inputs are used in fixed proportions, an increase in the cost of one input will usually cause total costs to
A) rise more than in proportion. B) rise less than in proportion. C) remain unchanged. D) rise by the exact amount of the input price increase.
Economics
In a Bertrand model, market power is a function of
A) marginal cost. B) the number of firms. C) price elasticity of supply. D) product differentiation.
Economics