Which of the following is used to explain why a consumer's willingness to buy Microsoft Office increases as the number of other people who use Microsoft Office increases?
A) diminishing marginal utility B) market failure
C) the income effect of a price change D) network externalities
D
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Two goods are ________ if the quantity consumed of one increases when the price of the other decreases
A) normal B) superior C) complementary D) substitute
Rent control is an example of
A) a price floor. B) a price ceiling. C) the rationing function of prices not working. D) the government increasing the demand for certain products.
When determining inflation, the price level in each period is typically reported as an index number, rather than as the _______________ amount for buying the basket of goods.
a. total b. relative c. dollar d. combined
Negotiations between the buyer and seller of a new house are an example of:
A. producer?producer rivalry. B. monopoly. C. consumer?producer rivalry. D. consumer?consumer rivalry.