Which of the following statements is true?
A) Network effects arise because of economies of scale.
B) Economies of scale arise because of network effects.
C) Economies of scale act as barriers to entry into a market.
D) Network effects provide incentives to new sellers to enter the market.
C
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A minimum wage set above the equilibrium wage rate
A) decreases job rationing. B) decreases the natural unemployment rate because fewer workers will become unemployed. C) increases the natural unemployment rate. D) increases the number of workers employed. E) increases the demand for labor.
Lucy invested $10,000 at the rate of 12%. According to the rule of 72, it would take ______ years for her money to double
a. 4 b. 5 c. 6 d. 7
A leftward shift in AS will cause a leftward shift in the Phillips curve.
Answer the following statement true (T) or false (F)
Refer to the diagram. In the P 3 P 4 price range, demand is:
A. of unit elasticity.
B. relatively inelastic.
C. relatively elastic.
D. perfectly elastic.