Economists use different definitions of money because
A) deposits can be domestic or international.
B) deposits may be held at banks or savings and loans.
C) it is not always clear which assets are used primarily as money.
D) there are differences in the frequency with which depositors use their accounts.
C
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In a market where one unit of labor produces one unit of output, consumers prefer
A) a competitive labor market and a monopoly output market. B) a competitive output market and a monopoly labor market. C) a monopoly output market and a monopoly labor market. D) None of the above—they are indifferent between A and B.
Critics of price regulation suggest that some firms
A. will lack the incentive to run their business efficiently. B. will underestimate their costs and lead to bankruptcy. C. will sue the federal government for damages. D. will set their price equal to marginal cost instead of average cost.