In the federal penitentiary at Lompoc, California, inmates used packages of mackerel to buy items such as haircuts at the prison barber shop and laundry services. What function do these packages of mackerel serve?
A) They functioned as money.
B) They served as a corruption deterrent.
C) They enabled prison officers to monitor illegal money flows.
D) They forced prisoners to engage in barter.
Ans: A) They functioned as money.
Economics
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In the short run, even if a monopoly's total revenue does not cover its variable costs, it should continue to produce because ultimately in the long run, the monopoly will start earning profits
Indicate whether the statement is true or false
Economics
The sensitivity of the change in quantity consumed of one good to a change in the price of a related good is called
A) cross-elasticity. B) substitute elasticity. C) complementary elasticity. D) price elasticity of demand.
Economics