Robert's demand curve for pizza:

A. shows the quantity of pizza that Robert consumes as his income changes.
B. assumes that the only variables that change are the price of pizza and the quantity of pizza demanded by Robert.
C. makes no assumptions about Robert's income.
D. assumes that the only variable that changes is Robert's preference for pizza.


Answer: B

Economics

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Consider a perfectly competitive firm for which MC equals ATC at the $10 level. If the market price is $10,

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A network externality occurs when

A) the usefulness of a good is affected by celebrities who use the good.
B) there is production cost savings from being networked with buyers.
C) the usefulness of a good is affected by how many other people use the good.
D) there is production cost savings from being networked with suppliers.

Economics

U.S. currency continues to be backed by the gold standard to this day

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Economics