Suppose That You Find Out from an L

question 122

Multiple Choice

Suppose that you find out from an L.L. Bean catalogue that a sweater costs $30.00. In this case, money is serving as a

• A) medium of exchange.
• B) unit of account.
• C) store of value.
• D) double coincidence of want.

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Definitions:

Rivals

Competitors within the same market who are vying for the same customers with similar products or services.

Buyers

Individuals or entities that purchase goods or services for personal use, resale, or production.

Suppliers

Entities or individuals that provide goods or services to a market, contributing to the available supply.

Oligopoly

A form of industry (market) structure characterized by a few dominant firms. Products may be homogeneous or differentiated.