As the price of a good increases, the change in the quantity demanded can be shown by
A) shifting the demand curve leftward.
B) shifting the demand curve rightward.
C) moving down along the same demand curve.
D) moving up along the same demand curve.
D
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Which of the following best reflects a network externality?
a. Price of a good affecting a purchase decision b. Number of other people purchasing the good influencing the quantity demanded. c. Proven quality of a product influencing the quantity demanded. d. Price of a related good affecting a purchase decision.
If duopolists individually pursue their own self-interest when deciding how much to produce, the profit-maximizing price they will charge for their product will be
a. less than the monopoly price. b. equal to the perfectly competitive market price. c. greater than the monopoly price. d. possibly less than or greater than the monopoly price.