What happens when a product is path dependent?
a. The technology used to produce the product has a specific growth path.
b. The product can sell for a higher price when it is new and there are no similar products consumers
can buy than when it is older and consumers can choose to buy substitutes for the product.
c. The cost of switching to a product with a better technology gives the product with the initial
technology an advantage.
d. The path that a product follows depends on the firm that uses the best technology to produce it.
c. The cost of switching to a product with a better technology gives the product with the initial
technology an advantage.
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In the figure above, at the allocatively efficient level of computer production consumers are willing to give up
A) 0 televisions per computer. B) between 0 and 3 televisions per computer. C) 3 televisions per computer. D) more than 3 televisions per computer.
In his Report on a National Bank, _________________ argued in favor of the establishment of a Bank of the United States
a. Thomas Jefferson b. Alexander Hamilton c. George Washington d. Benjamin Franklin
The most populous country of the globe is:
a. India b. China c. Pakistan d. The EU e. United States
If the supply of money increases as a result of an open market ______ of securities by the Fed, the interest rate will ______.
a) sale; increase b) sale; decrease c) become flatter d) none of the above