When network effects are important, then an industry can experience
A) positive market feedback.
B) prince-leadership.
C) a zero-sum game.
D) a vertical merger.
A
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Economies of scale means that
A. the long-run average total cost curve slopes downward over it entire range. B. the long-run total cost curve slopes downward over it entire range. C. the four-firm concentration ratio is below 80. D. the average fixed cost curve slopes downward over its entire range.
Suppose the government borrows to purchase military ammunition which is immediately used up in target practice. The rate of return on this investment is ________, and in this case the government debt ________ a burden on future taxpayers
A) r, is not B) r, is C) 0, is not D) -r, is not E) -r, is
When the absolute price elasticity of demand equals 0.67, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
A simple way of describing the social cost of monopoly is to say that it
A) produces too much. B) makes too much money. C) has too much political power. D) restricts output and charges a higher price than a perfectly competitive firm.