Because There Is a Democrat in the Governor's Office and Democrats

question 18

True/False

Because there is a Democrat in the governor's office and Democrats also dominate the legislature,the governor's version of the budget automatically becomes law.

Understand the concept of monopolistic competition and how it differs from perfect competition and monopoly.

Explain the conditions necessary for price discrimination and its impact on market outcomes.

Identify and describe the characteristics of industries classified under monopolistic competition.

Recognize the strategies monopolistic competitors use to differentiate their products and attract consumers.

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Definitions:

Commodity Money

Money whose value comes from a commodity of which it is made, such as gold and silver, used historically as a medium of exchange.

Unit Of Account

A standard numerical monetary unit of measurement that provides a consistent way of quoting prices and conducting economic transactions.

M1

A category of the money supply that includes physical currency and coin, demand deposits, traveler's checks, and other checkable deposits.

Savings Deposits

accounts held at financial institutions that allow deposits and withdrawals and are subject to modest interest rates.