Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply.
What will be an ideal response?
The $450 per week Eric earns working for Pillmart Pharmacy
The aspirin Ginny receives
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Centrally planned economies are able to cope with environmental pollution issues much better than capitalist countries.
Answer the following statement true (T) or false (F)
Network externalities
a. explain why switching costs fall as the size of a network increases b. are the service-industry equivalent of natural monopolies in goods-producing industries c. are more important in the short run than in the long run d. help explain why monopolies often do not last for very long e. can explain the dominance of existing firms in some industries
The opportunity cost for a student of attending college for a year is measured by
A. the benefit received by the student. B. the tuition paid for the year. C. the value of the most valued opportunity foregone by attending college. D. the total money outlays associated with attending college.
Economics assumes that human behavior reflects "rational self-interest." This means they allocate their time, energy, and money to maximize their satisfaction.
a. true b. false