The situation where one person's demand for a good depends on the consumption of the good by others is called a
A) network externality.
B) network internality.
C) consumption externality.
D) production externality.
A
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Different firms in a competitive industry will have differing shutdown points when
a. they have different cost curves. b. they are charging different prices. c. they entered the industry at different times. d. they all have identical cost curves.
In the 1980s, the U.S. government forced Japanese automakers to limit their exports to the United States. The union representing the autoworkers (UAW), argued that otherwise the U.S. auto industry would have contracted
The UAW's argument is the ________ argument for protection. A) save domestic jobs B) national security C) anti-dumping D) infant-industry E) bringing diversity and stability
The assumption that nothing changes except the variables being studied is
A) the ceteris paribus assumption. B) the rationality assumption. C) positive economic analysis. D) normative economic analysis.
All these are characteristics of a monopoly except,
a. There is one seller of the product b. Has few substitutes c. Controls a large share of the market d. Controls a small share of the market