Which of the following are examples of situations with negative network externalities?
A. All of the above
B. A crowded beach
C. Clothing made to order
D. A rare work of art
A. All of the above
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Consumers ________ from a tariff because they pay a ________ price to producers so they purchase a ________ quantity of the good
A) lose; lower; smaller B) win; lower; larger C) win; higher; smaller D) lose; higher; smaller E) lose; higher; larger
Explain how comparing two-earner and one-earner households can be used to illustrate the problem of using money income as a measure of well-being
What will be an ideal response?
The marginal productivity principle has some relevance to organizing production in a socialist society.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1. The fundamental economic question regarding the distribution of output in the economy is equivalent to the question of who will produce the output. 2. The concept of consumer sovereignty refers to the situation where consumers have the right to vote for the board of directors of large corporations. 3. In analyzing a market system, economists often assume that firms will choose the production techniques that will give them the maximum revenues. 4. Economic efficiency entails producing a certain output with the minimum number of units of inputs.