A situation where a consumer's willingness to use an item depends on how many others use it is
A. a vertical merger.
B. a positive-sum game.
C. a network effect.
D. price-leadership.
Answer: C
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For a nonrenewable natural resource, such as oil, the equilibrium price ________ the market fundamentals price
A) is always the same as B) can be greater than but not less than C) can be less than but not greater than D) can be less than, greater than, or equal to
Maximum Feasible Hourly Production Rates (in Tons) of EitherPizzas or Donuts Using All Available ResourcesProductCountry AlphaCountry BetaPizzas102Donuts1012Use the above table. Assuming constant opportunity costs, the opportunity cost of producing donuts in country Alpha is ________, and the opportunity cost of producing donuts in country Beta is ________.
A. 0.2 pizza; 1.67 donuts B. 1 pizza; 6 donuts C. 1 pizza; 0.17 donut D. 10 donuts; 12 pizzas