A Scalper Reselling Super Bowl Tickets Is an Example of Money

question 83

Multiple Choice

A scalper reselling Super Bowl tickets is an example of money being used as:

• A)a store of value.
• B)a unit of account.
• C)an illegal asset.
• D)a standard of deferred payment.
• E)a medium of exchange.

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Definitions:

Constant-cost Industry

An industry in which the costs of production, including the costs of inputs, do not change as the industry's total output changes.

Demand for Resources

The desire and willingness to purchase or acquire resources based on their contribution to production or utility.

Output Increases

A rise in the amount of goods or services produced by a company or economy.

Price-taker Firm

A company that has no control over the market price and must accept the prevailing market price for its products.