The QWERTY story illustrates:
a. the commons problem
b. a negative network externality.
c. the path dependence to technology.
d. the problem of adverse selection.
e. a situation of moral hazard.
c
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A negative externality
a. is a cost to a bystander. b. is a cost to the buyer. c. is a cost to the seller. d. exists with all market transactions.
Which statement is false?
A. Most jobs in defense plants during World War II were held by white males. B. The federal government instituted wage and price controls during World War II. C. Very little new housing was built during the Great Depression and World War II. D. None of the statements are false.
Refer to the graph shown. The economy is in both a short-run and a long-run equilibrium at:
A. point A. B. point B. C. point C. D. no point in the graph.
An increasing cost industry is one where total costs rise as the industry grows.
Answer the following statement true (T) or false (F)