Economists use the phrase "network externalities" to describe the role technology plays in explaining why consumers buy products that other consumers are already buying.

a. true
b. false


a. true

Economics

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How does elasticity of supply differ for a product that can be stored, compared to a product that cannot be stored?

What will be an ideal response?

Economics

The DeBeers Diamond Company, which owns most of the South African diamond production, has market power over the diamond trade. This market power was obtained through: a. illegal means

b. control of a scarce resource. c. patent protection. d. government licensing.

Economics

A sales-maximizing firm produces the output level at which

a. MR = P. b. MR = MC. c. MR = AC. d. MR = 0.

Economics

As price falls, quantity supplied ___________.

Fill in the blank(s) with the appropriate word(s).

Economics