Which of the following is an example of the bandwagon effect?
A) A larger cellphone consumer group makes a cellphone service more attractive.
B) The more people use Facebook, the more attractive it is to consumers.
C) With more broadband services, more high-definition webpages become available.
D) All of the above.
D
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If there is a surplus in the oil market, then the price of oil will:
a. rise. b. fall. c. remain unchanged. d. react unpredictably.
Real GDP is the yearly production of final goods and services valued at
a. current prices. b. constant prices. c. expected future prices. d. the ratio of current prices to constant prices.
Ceteris paribus, if the Fed raises the reserve requirement, then:
A. The money multiplier increases. B. The lending capacity of the banking system decreases. C. Excess reserves increase. D. Required reserves decrease.
What is meant by the term "long-run competitive equilibrium?
What will be an ideal response?