When a Grocery Store Accepts Your $5 Bill in Exchange

question 13

Multiple Choice

When a grocery store accepts your $5 bill in exchange for bread and milk,the $5 bill serves as a

• A)medium of exchange.
• B)unit of account.
• C)store of value.
• D)standard of deferred payment.

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Definitions:

Dull Lectures

Lectures that are uninteresting and fail to engage the audience or students.

Equilibrium

A state in a market where supply equals demand, and there is no tendency for the price or quantity to change.

Lemons

In economic terms, 'lemons' often refer to products of significantly lesser quality sold to consumers who have limited information about their true nature, especially used in the context of the used car market.

Potential Buyers

Individuals or organizations that are in the market to purchase goods or services but have not yet made a decision or commitment.