Externalities occur
A) only when a person acts out of greed.
B) only when a person acts out of selfish interest.
C) only when a person is concerned with personal profit.
D) only when the decision maker does not take into account all the benefits or costs from an action.
D
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We say that goods are substitutes when they:
A. serve similar-enough purposes that a consumer might purchase one in place of the other. B. are consumed together, so that purchasing one will make a consumer more likely to purchase the other. C. can replace something consumers typically purchase at a significantly lower price. D. change a consumer's preferences for a good or service.
A perfectly competitive firm would be willing to remain in the industry in the long run at zero economic profit because
A. its total revenues would be positive. B. accounting profit would be negative. C. revenue is equal to all costs, including the opportunity cost of capital and labor. D. its fixed costs would prevent it from leaving the industry.
Consumer's surplus can be written as
a. total expenditure ? total utility. b. total utility ? total expenditure. c. marginal utility ? marginal expenditure. d. marginal expenditure ? marginal utility.
Consider a two-way network with 1,000 users. The number of potential connections is:
A. 999. B. 2,000. C. 1,000. D. 999,000.