Which of the following does not explain why consumers buy products that many other consumers are already buying?
A) cost-effective way to gather information about a product
B) the satisfaction people derive by being viewed as "fashionable"
C) differences in tastes and preferences
D) technology
C
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The long-run average cost curve of a natural monopoly
A) is positively sloped until it crosses the demand curve. B) intersects the demand curve while it is negative sloped. C) intersects the demand curve while it is positively sloped. D) is the natural monopoly's supply curve. E) is the same as the natural monopoly's demand curve.
The agency problem can be avoided if
A) the firm is not subject to regulation by a government agency. B) the manager and owner can manipulate reported profit. C) the firm has positive profits. D) the goals of the owner and manager are aligned.
The productivity standard for the distribution of income can be thought of as
A) rewarding people according to their ability to produce useful goods. B) benefiting only the least productive worker. C) proving that egalitarians are correct. D) rewarding only the wealthy.
Which is not an example of pollution?
A. Automobile exhaust B. Aircraft jet engine noise C. Municipal treatment plant wastes D. Zero-emission electric cars