The Medium of Exchange Is Defined as

question 355

Multiple Choice

The medium of exchange is defined as

• A)barter.
• B)the exchange of goods and services directly for goods and services.
• C)an object that is accepted in return for goods and services.
• D)credit cards.
• E)an item that can be stored and hold its value over time.

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Definitions:

Industrial Organization

A field of economics that studies the structure of industries, the behavior of firms within the market, and their interaction with market mechanisms.

Market Outcome

The equilibrium result of market forces of supply and demand determining the price and quantity of goods and services exchanged.

Implicit Costs

Input costs that do not require an outlay of money by the firm

Outlay

The amount of money spent on a particular item or service, serving as expenses in financial transactions or projects.