Direct controls may be a more expensive method in reducing pollution than emissions taxes.
Answer the following statement true (T) or false (F)
True
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The term "network externality" refers to a barrier to entry that exists because:
A) the value of the product to a consumer depends on the number of consumers using the product. B) a group of firms has divided the market into interconnected shares controlled by each firm. C) several firms are able to network with each other and control the market. D) consumers are unable to network, i.e., cooperate, with each other to control market price.
The product-variety externality is associated with the
a. producer surplus that accrues to incumbent firms in a monopolistically competitive industry. b. loss of consumer surplus from exposure to additional advertising. c. consumer surplus that is generated from the introduction of a new product. d. opportunity cost of firms exiting a monopolistically competitive industry.
Three basic decisions must be made by all economies. What are they?
What will be an ideal response?
When you purchase the lower-priced store brand bread instead of the more expensive name brand, you are experiencing
A) the substitution effect. B) the income effect. C) a fall in total utility. D) diminishing marginal product.