A price elasticity of demand of 2.3% implies

The most direct way in which money eliminates the need for a double coincidence of wants is through its use as a

A) medium of exchange. B) standard of deferred payment. C) store of value. D) unit of account.

In which of the following cases is the employment relationship between the employee and the employer likely to resemble a spot market transaction?

a. When hospitals hire clerical staff b. When a university hires members of faculty c. When a corporate law firm hires lawyers d. When unskilled workers are hired on a day-to-day basis for odd jobs