In the wireless communication industry, firms that provide broadband access to the Internet are best regarded as
A. end users in a matchmaking market.
B. platforms in a shared-input market.
C. end users in a shared-input market.
D. platforms in a matchmaking market.
Answer: B
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How does the text distinguish between government and the market?
A) The government is the place around the capital city; the market is everywhere else. B) The government is populated with publicly-spirited people; the market is populated with selfish people. C) The government is based on cooperation; the market is based on competition. D) In all of the above ways. E) In none of the above ways.
Define comparative advantage and discuss its role in international trade
What will be an ideal response?
Which of the following is a characteristic of perfect competition?
a. Individual firms have the power to set prices. b. Firms produce differentiated products. c. New firms can easily enter the market. d. There are only a few very large firms producing all output in the market.
Which of the following situations would be considered a money leakage?
a) A bank holding only the minimum required reserves. b) A business that refuses to accept cash and handles all transactions using credit cards. c) A senior citizen who keeps her retirement savings in a shoe box underneath her bed. d) A college student who never carries any cash.