Network effects occur is the costs of production are lower than the costs of production
Indicate whether the statement is true or false
False
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A self-enforcing agreement:
A. describes an agreement in which every party involved has an incentive to abide by it, assuming that others do the same. B. requires a contract. C. describes the strategy that makes up a Nash equilibrium. D. describes the strategy that makes up a Nash equilibrium and describes an agreement in which every party involved has an incentive to abide by it, assuming that others do the same.
Scarcity:
a. allows businesses to take advantage of economies of scale. b. means that human wants for goods, services and resources exceed what is available. c. means that as the level of production increases, the average cost of producing each individual unit declines. d. only refers to resources, such as labor, tools, land, and raw materials.
Notice the costs as given in the table below. What is the total fixed cost in the table below?
A. $0 B. $9 C. $5 D. $10
The Pet Emporium hires workers to bathe cats. The Emporium sells this service for $20. The marginal revenue product of this store?s fifth worker is $100. The marginal product of the fifth worker is
A. 0.2 bathed cats. B. 1 bathed cat. C. 5 bathed cats. D. indeterminate from this information.