Author Question: Perishable goods such as tomatoes and milk are never used as a form of money, primarily because they ... (Read 74 times)

formula1 · **on:** Jun 30, 2018

Perishable goods such as tomatoes and milk are never used as a form of money, primarily because they cannot function as:
a. a store of purchasing power.
b. a means of payment.
c. a standard of deferred payment.
d. a medium of exchange.
e. a unit of account.

Question 2

When the price of a good is lower than the equilibrium price,
a. a surplus will exist.
b. buyers desire to purchase more than is produced.
c. sellers desire to produce and sell more than buyers wish to purchase.
d. quantity supplied exceeds quantity demanded.