Giving the store clerk a $20 bill for a sweater priced at $20 is an example of money serving as a
A) medium of exchange. B) unit of accounting.
C) store of value. D) standard of deferred value.
A
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A kinked demand curve is perceived by the firm as being:
a. more elastic to the right of the kink b. more inelastic to the right of the kink c. more inelastic to the left of the kink d. present when there is a monopoly e. bowed-in or bowed-out
If the price of peanut butter decreases substantially (ceteris paribus), the equilibrium quantity of jelly, a complement, is likely to:
a. increase, and the equilibrium price of jelly is likely to decrease. b. increase, and the equilibrium price of jelly is likely to increase. c. decrease, and the equilibrium price of jelly is likely to decrease. d. decrease, and the equilibrium price is of jelly likely to increase.