Digital Cash Is Legal Tender That Is Instantly Convertible into Other

question 59

True/False

Digital cash is legal tender that is instantly convertible into other forms of value without the intermediation of any third parties.

Identify the characteristics and implications of long-run equilibrium in competitive markets, including the role of normal profits.

Understand the concept of creative destruction and its significance in competitive markets.

Recognize the behavior of long-run supply curves in response to industry cost changes and market entry/exit.

Appreciate the role of competition in achieving efficient allocation of resources and consumer and producer surplus.

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Definitions:

Forethought

The act of thinking or planning about the future beforehand.

Anticipate

To expect or predict something before it happens.

Guide

Directions or instructions meant to assist or lead a user towards a specific goal, often found in manuals or tutorial formats.

Color Red

A primary color perceived when light with a predominant wavelength of roughly 620–750 nanometers is directed to the eyes.