The term "early adopters" refers to
A) consumers who respond quickly to fads, seasonal changes, etc.
B) consumers who are willing to pay high prices to be among the first to own new products.
C) firms that are the first to implement a new technology that is used to produce new goods or services.
D) book clubs that are first to recommend best-selling books to their members.
B
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Over time, state and local governments have passed regulations that limit entry into certain markets. For example, in most locations beauty shops and barber shops must obtain a license to do business
The usual justification for such licensing requirements is to better ensure that only qualified people are offering such services. Considering the efficiency implications of having more or less firms serve a particular market, and the fact that consumers can "vote with their feet" (i.e., buy from a different if they aren't satisfied), is such regulation justified from an economic perspective? Why or why not?
If the cross price elasticity of demand between two goods is positive, then the two goods are
A) substitutes. B) complements. C) independent. D) unrelated.
In short-run equilibrium, a competitive price-taker firm
a. may earn a profit or a loss. b. always earns a profit. c. never earns a profit. d. earns a profit only if the firm has no fixed cost.
In 2004, China had a substantial trade surplus with
A. Japan. B. Russia. C. the United States. D. Brazil.