A negative network externality causes demand to become:
A. unit elastic.
B. perfectly inelastic.
C. less elastic.
D. more elastic.
C. less elastic.
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The above table shows Homer's marginal utility from consuming various quantities of chocolate chip cookies and cake. The price of cookies is $2 per pound, the price of cake is $2 per slice and Homer has $18 to spend on cookies and cake
Homer will consume ________ pounds of cookies and ________ slices of cake. A) 5; 4 B) 4; 5 C) 6; 3 D) None of the above answers is correct.
Suppose that in a perfectly competitive market, the market price is $10. A firm in that market has marginal cost of $10, average total cost of $12, and it is producing 100 units. The firm is
A) earning $1,000 in total economic profits and is maximizing economic profits. B) earning $200 in total economic profits and is maximizing economic profits. C) earning zero total economic profits and is not maximizing economic profits. D) incurring $200 in total economic losses and is minimizing economic losses.
The present membership in the Federal Reserve System includes
a. all the commercial banks in the nation. b. less than half of the commercial banks in the nation. c. only the Federal Reserve Banks and their branches. d. commercial banks, savings & loans, and credit unions.
In the real world, it costs money to move products from one country to another, but Ricardo's model does not address these ______ costs
Fill in the blank(s) with the appropriate word(s).