The opportunity cost of something is:
A. a measure of the scarcity of the good.
B. what you sacrifice to get the good.
C. the price you pay for the good.
D. what you are willing to pay for the good.
Answer: B
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Network externalities
a. explain why switching costs fall as the size of a network increases b. are the service-industry equivalent of natural monopolies in goods-producing industries c. are more important in the short run than in the long run d. help explain why monopolies often do not last for very long e. can explain the dominance of existing firms in some industries
A type of hazardous substance is
a. an acid or base b. a heavy metal like copper or mercury c. synthetic organic chemicals, such as pesticides d. all of the above e. none of the above
Of the owners of the following firms, which does NOT have unlimited liability for the business' debts?
A) Roy Ray's Grocery Store, Roy Ray, proprietor B) the partnership of Reese and Jones, Attorneys-at-Law C) the Microsoft Corporation D) Wren's Feed and Seed Store, a proprietorship
Refer to the Laffer Curve above. An increase in the tax rate from T3 to T4 would:
A. Decrease tax revenues and support the views of supply-side economists
B. Increase tax revenues and support the views of supply-side economists
C. Increase tax revenues and support the views of mainstream economists
D. Decrease tax revenues and support the views of mainstream economists