The equilibrium quantity in a perfectly competitive market is determined:
A) at the point of intersection of the demand curve and the quantity axis.
B) at the point of intersection of the demand and supply curves.
C) at the point of intersection of the supply curve and the quantity axis.
D) at the point of tangency between the demand and supply curves.
Question 2
Money serves as a standard of value, which is another way of saying that money functions as
A) a unit of accounting. B) a medium of exchange.
C) an opportunity cost of investment. D) standard of deferred payment.
A comparison of gradualism and punctuated equilibrium.
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