Suppose the consumption equation is represented by the following: C = 250 + .8YD. The multiplier for the above economy equals
A) 2.
B) 3.
C) 4.
D) 5.
E) none of the above
D
Economics
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Once a product becomes established, network externalities may create ________ costs that make consumers reluctant to buy a new product with better technology
A) switching B) marginal C) external D) implicit
Economics
In the elastic portion of the supply, small changes in prices lead to ________ changes in quantity, while in the inelastic portion of the supply curve, small changes in prices lead to ________ changes in quantity
A) small; small B) large; large C) small; large D) large; small
Economics