The purchase of a virtual item from an online company with a virtual currency causes the nation's:
a. Monetary base to rise.
b. M2 money supply to rise.
c. M2 money multiplier to rise.
d. Monetary base to remain the same.
.D
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What criteria do consumers apply when deciding whether or not to consume
a. The consumer would consume only if the price is lower than his highest willingness to pay b. The consumer would only consume if his surplus is greater than zero c. The consumer would only consume if the price is higher than his highest willingness to pay d. Both A&B
One assumption of the model of perfect competition is that entry into the market is easy. This implies that:
a. there are government licensing requirements for a firm to enter the market. b. there are no significant economies of scale relative to the size of the market. c. one firm has gained a patent in the industry. d. significant economies of scale do exist in the industry. e. there is no government intervention.