In general, adding one more user to a two-way network tends to:
A. not provide any benefit to either new or existing users.
B. provide equal benefits to existing users and the new user.
C. benefit existing users more than the new user.
D. benefit the new user more than the existing users.
Answer: C
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Studies indicate that after the Civil War and up to the 1890s, farmers did not benefit from an improvement in their terms of trade between agriculture and manufacturing
However, they did benefit from a decline in transportation charges relative to farm prices. Indicate whether the statement is true or false
The marginal cost of labor for a perfectly competitive firm is given by:
a. the change in total revenue that results from employing an additional worker. b. the market wage rate. c. its marginal revenue product curve. d. the demand curve for labor. e. the marginal product of labor.
It is not true in the long run of monopolies that
a. other firms seeking positive economic profit enter the market. b. they earn positive economic profit. c. they sell their output at a price greater than marginal cost. d. they benefit from barriers to entry.
If the U.S. imposed an import quota on corn, then in the U.S
a. exports and imports would rise. b. exports and imports would fall. c. exports would rise and imports would fall. d. exports would fall and imports would rise.