Why does a network externality arise?
a. Each additional unit of a good sold reduces the value of the previously sold units.
b. As more and more units of a good are produced, the average cost declines.
c. Consumption of a good by one user does not affect the consumption of subsequent users.
d. The firms enjoy economies of scale in the long run.
e. Each additional unit of a good sold increases the value of the previously sold units.
e
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Which of the following is likely to lead to a left shift in the demand curve for labor in the petroleum extraction industry?
A) An increase in the wage rate B) A decrease in the wage rate C) An increase in the price of cars D) An increase in the price of petroleum
Suppose that a 15 percent decrease in price leads to an increase in the quantity demanded of 10 percent,
A. demand is elastic. B. demand is inelastic. C. elasticity of demand is unitary. D. None of the above is correct.
According to the World Bank, low-income economies are heavily concentrated in:
a. Europe and Africa. b. Europe and Asia. c. Asia and Africa. d. Asia and Australia. e. North America and Australia.
The percentage of households with a Head Start enrollee that get no other government assistance other than Head Start is
A. 36%. B. 16%. C. 1%. D. 76%.