A competitive market is characterized by:

The reduced form supply of crayons is given by the equation  Qs = 20PT   Suppose that supply changes so that at each price, 30 fewer crayons are offered for sale at every given price.  Derive the graph and the new supply curve.

In the graph, a decrease in the price of the item will cause the movement from (select all that apply): Price Old supply New supply H K Quantity point M to point G point G to point L point M to point K point J to point M point L to point K point H to point G

Alberto is a carpenter and he needs a new saw in order to make more cabinets to sell to his buyers. To do this, he sells a bench he has made, and uses the money to purchase a new saw. What can one conclude about the function of money in this scenario? A. Alberto is using money as a means of deferring payment. B. Alberto is using money as a medium of exchange. C. Alberto is using money as a store of value. D. Alberto is using money as a unit of account.