Money functions as a(n)
A) medium of exchange. B) unit of account.
C) store of value. D) all of the above.
D
Economics
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Economists define "shortage" as
A) quantity demanded exceeds quantity supplied. B) quantity demanded equals quantity supplied. C) quantity supplied exceeds quantity demanded. D) a situation whereby the prevailing price is higher than the market-clearing price.
Economics
For a person who consumes only steak and lobster, a fall in either the price of a steak or the price of a lobster shifts the budget line for the two leftward and does not change its slope
Indicate whether the statement is true or false
Economics