When a new product is introduced in the market, a consumer always wants to see how popular the item becomes before she purchases it. The consumer's behavior is known as
A. a network effect.
B. a rational decision.
C. overt collusion.
D. an irrelational choice.
Answer: A
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Which of the following best describes the impact of immigration on complementary resources?
A. The lower wage rate resulting from immigration reduces production costs, creating a business-income effect that increases the demand for complementary resources B. The lower wage rate resulting from immigration reduces production costs, creating an output effect that decreases the demand for complementary resources C. The higher wage rate resulting from immigration increases production costs, creating an output effect that increases the demand for complementary resources D. The lower wage rate resulting from immigration reduces production costs, creating an output effect that increases the demand for complementary resources
Refer to Figure 10.3. What quantity will be purchased in a competitive market?
A) Q1 B) Q2 C) Q3 D) Q4 E) none of the above
To be considered scarce, an economic resource must beba I. free. II. limited. III. desirable.
a. I, II, and III b. I only c. II and III d. II only
________: the change in output or total product the business would achieve in the current period by expanding the use of an input by another unit
Fill in the blank(s) with correct word