The standardization of software applications that people can easily share is an example of:
A. a network externality that can be positive or negative.
B. an innovation that does not carry a network externality.
C. a negative network externality.
D. a positive network externality.
D. a positive network externality.
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Refer to Figure 4.1. A Nash equilibrium can be found at
A) (Up; Top; Left) B) (Up; Top; Right) C) (Down; Bottom; Right) D) There is no Nash equilibrium.
The most basic concept in economics is
A) wealth. B) income. C) scarcity. D) spending.
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $625, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment?
A. 1 hour B. 3 hours C. 4 hours D. 2 hours
In order to avoid congressional action in the United States, in the early 1980s the Japanese resorted to:
a. infant industry protection. b. dumping of automobiles. c. voluntary export restraint (VER). d. price discrimination.