Which of the following is NOT an example of a good with network economies?
A. A computer printer
B. Internet service
C. Facebook
D. A cell phone
Answer: A
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The elasticity of demand is
A) measured in money (e.g., dollars). B) measured in units of the good (e.g., slices of pizza). C) unitless. D) measured in money/unit (e.g., 1.50 $/slice of pizza).
Assume a firm has the following cost and revenue characteristics at its current level of output: price=$10.00 . average variable cost=$8.00 and average fixed cost =$4.00 . This firm is
a. incurring a loss of $2.00 per unit and should shut down. b. realizing only a normal profit. c. realizing an economic profit of $2.00 per unit. d. incurring a loss per unit of $2.00 . but should continue to operate in the short run.
If unemployment and inflation move inversely, then we can infer that business fluctuations are
a. from the demand side. b. from the supply side. c. from both the demand and supply side. d. purely random events.
A budget deficit occurs when tax revenues are less than government spending.
Answer the following statement true (T) or false (F)