A situation where a consumer's willingness to use an item depends on how many others use it is
A) a positive-sum game.
B) a network effect.
C) price-leadership.
D) a vertical merger.
Answer: B
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Suppose that the value of the long-run absolute elasticity of demand for a good is 1.2. Then, we know the short-run absolute price elasticity of demand will be
A) inelastic. B) greater than 1.2. C) elastic. D) less than 1.2.
In a competitive labor market, if the supply of labor increases, wages will:
A. decrease. B. increase. C. remain the same. D. drop to zero.
In 2013, the top 10% of wealth holders owned ________ of the nation's wealth.
A. 25.5% B. 54.5% C. 75.3% D. 92.9%
Short-run aggregate supply is greater than long-run aggregate supply in the misperceptions theory if
A. the actual price level equals the expected price level. B. output is less than its full-employment level. C. the actual price level is greater than the expected price level. D. the actual price level is less than the expected price level.