In many circumstances, prisoners are not allowed to possess cash. Does this mean there is no money in prison? Explain
No.
Any good that provides the three functions of money (medium of exchange, unit of account, and store of value) is money. Cigarettes and even cans of fish have been used by prisoners to buy goods and services.
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Which of the following situations is least likely to involve mutual interdependence?
A) Canada is thinking about banning all imported beef from the United States. B) Octavia is thinking about trading in her Toyota Prius for a BMW 220i. C) Walmart is considering moving up the start-time for its Black Friday sales to 12:01 AM on Thanksgiving day. D) McDonald's is thinking about lowering all its menu prices by 50 percent.
If the Boston Red Sox baseball team is currently charging a ticket price where its demand is inelastic, then the Red Sox's marginal revenue is
A) negative. B) positive. C) zero. D) maximized. E) undefined.