When a consumer's willingness to buy a good or service is influenced by the number of people who have purchased that good or service, this is called
A. an advertising gimmick.
B. a network effect.
C. a switching cost.
D. an opportunity cost.
Answer: B
Economics
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The above figure shows a labor market. Before the minimum wage of $8 an hour is imposed, employment equals ________ workers; after the minimum wage of $8 an hour is imposed, employment equals ________ workers
A) 80,000; 40,000 B) 40,000; 80,000 C) 60,000; 40,000 D) 60,000; 80,000 E) 80,000; 60,000
Economics
Which of the following categories accounted for the third largest percentage of total federal government expenditures?
a. Education and health. b. National defense. c. Income security. d. Interest on the national debt.
Economics