Google gained its monopoly power in the market for internet-search service because it:
A. Is a licensed natural monopoly
B. Was first to market and gained consumer loyalty
C. Took over the market from older firms through creative destruction
D. Advertised its services very heavily
B. Was first to market and gained consumer loyalty
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Is it possible for a firm to have a comparative advantage in producing something without having an absolute advantage? Why or why not?
What will be an ideal response?
Assume that in the market for widgets, demand is highly elastic compared to supply. If input costs for producing widgets drop, what happens to equilibrium price and quantity? Explain.
Which of the following has resulted from the North American Free Trade Agreement (NAFTA)?
a. trade between the United States and Mexico increased. b. trade between the United States and Canada increased. c. the joint output of the United States, Mexico, and Canada has increased. d. all of the above are correct.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.