Barter requires:
a. that the exchanged goods be portable.
b. that the exchanged goods be durable.
c. a coincidence of wants.
d. that the exchange medium be divisible.
e. an effective middleman.
c
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The demand for a good is more price elastic
A) if closer substitutes are available. B) if the good is a necessity rather than a luxury. C) if the share of the good in the average consumer's budget is smaller. D) in the short run than in the long run.
Which of the following statements regarding the efficiency of monopolistic competition is FALSE?
A) Compared to a situation with total product uniformity, monopolistic competition might be efficient. B) Resources are used efficiently when marginal social benefits equals marginal social cost. C) Monopolistic competition is definitely inefficient because price exceeds marginal cost. D) A greater degree of product variety creates a loss because the quantity produced is less than the efficient quantity.