All of the following are sources of increasing returns and economies of scale except:
A. network effects.
B. the multiplier effect.
C. learning by doing.
D. simultaneous consumption.
B. the multiplier effect.
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Mr. Smith won a laptop in an online auction in which bidders could see each other's bid and price increased with every new bid
a) If Mr. Smith values the laptop at $400, find out his dominant strategy. b) Will there be a change in his optimal bidding strategy if there is an increase in the number of bidders?
In practice, regulatory boards try to set the price of a natural monopoly so that price:
A. equals marginal cost. B. covers all explicit costs. C. is constant over time. D. includes all costs plus a normal return on capital investment.
Which function of money allows consumers who are searching for a new car to compare the costs of different optional features of different cars in order to determine if they want the features or not?
a) Medium of exchange b) Unit of account c) Store of value d) Barter
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one car is ________ pound(s) of cheese.
A. 250 B. 1/20 C. 1/250 D. 500