A standard which came to the market first, such as the QWERTY letter layout in typewriters, can become entrenched (this layout is still used for computer keyboards today). What is this phenomenon called?
A) network externalities
B) path dependency
C) sunk cost
D) comparative advantage
Answer: B
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Which of the following is not a component of aggregate demand?
a. Consumption b. Investment spending c. Government spending d. Real interest rate
The usual results of an adverse supply shock are
a. a rise in prices and a fall in output. b. a fall in prices and a rise in output. c. increased growth and lower inflation. d. a rise in prices and a rise in output.
Perfect price discrimination
A. would maximize consumer surplus. B. would eliminate consumer surplus. C. would have only a small effect on consumer surplus. D. would have no effect on consumer surplus.
The fact that there is a very limited amount of land in Hong Kong means the supply of new apartments in Hong Kong is
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) limited by the demand.