The order of the letters along the rows of computer keyboards could be changed to allow users to type faster, but this would inconvenience the vast majority of people who learned to type with the current keyboard layout
The costs of switching to a new layout make this change unlikely. This is an example of
A) how consumers sometimes do not behave rationally.
B) how the elasticity of demand for typewriters has been affected by externalities.
C) path dependency.
D) how social influences overwhelm the substitution effect of a price change.
C
You might also like to view...
A tax credit given to first-time home buyers would result in a _____________ shift in the ______________ curve for housing, which would lead to the unintended result of a(n) _____________ in the price of housing.
A. leftward; supply; increase B. leftward; demand; decrease C. rightward; supply; decrease D. rightward; demand; increase E. none of the above
Figure 10.4 Federal Surplus or Deficit as a Percent of GDP
What will be an ideal response?
According to the classical economists, if the quantity of money that people wanted to save was less than the amount that people wanted to invest,
A. the interest rate would fall. B. the interest rate would rise. C. this situation would cause hyperinflation. D. this situation would cause stagflation.
Assuming velocity is constant, the rate of inflation equals the difference between the rate of:
A. growth in the money supply and the rate of growth in nominal GDP. B. growth in the money supply and the rate of growth in real GDP. C. growth in real wages and the rate of growth in real GDP. D. unemployment and the rate of economic growth.