Network externalities can:
A. increase the value of new technologies.
B. create diffuse profits for producers.
C. decrease the benefits of a winner-take-all industry.
D. lead to the adoption of inefficient technologies.
Answer: D
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Under conditions of perfect competition, an individual producer
a. charges a price higher than the market price. b. endeavors to undercut the market price. c. accepts the market price. d. advertises product quality.
The rule of 72 implies that a country with a growth rate of 6 percent will double its income in about:
A. 8 years. B. 16 years. C. 12 years. D. 6 years.
A corn farmer is likely to have a ________ price elasticity of supply than does a tree farmer due to ________.
A. more elastic; a less flexible production process B. more elastic; a more flexible production process C. less elastic; a less flexible production process D. less elastic; a more flexible production process
A firm that faces a downward sloping demand curve is known as a
A) price taker. B) utility maximizer. C) price searcher. D) perfect competitor.