Facebook is a social network that is subject to network externalities.
a. true
b. false
a. true
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Consumer spending accounts for nearly two-thirds percent of U.S. GDP.
Answer the following statement true (T) or false (F)
If the production technology has increasing returns to scale, short run marginal cost curves must be downward sloping.
Answer the following statement true (T) or false (F)
Which of the following is not true of an economic expansion?
a. The economy is overheated. b. There is too much spending. c. Production exceeds equilibrium output. d. The aggregate expenditure line is too low to create an intersection at full-employment output. e. Unemployment will be unusually low.
Economic profit always equals
a. zero for a perfect competitor b. zero for a monopolist c. total revenue – total cost d. total revenue – explicit costs e. total revenue – implicit costs