Why are high-technology industries likely to show increasing returns?
a. when upfront costs are high and marginal costs are high, unit costs drop as volume increases
b. due to a steep learning curve, as a firm produces more, its cost increase
c. network externalities allow the company to raise prices as they sell more
d. all of the above
c
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Trees growing on the property are cut down by the owner. This process is called:
A. Severance and the removed trees are real property. B. Severance and the removed trees are personal property. C. Annexation and the removed trees are real property. D. Annexation and the removed trees are personal property.
Which of the following statements is true regarding Russia and other former soviet bloc countries?
A) The retailing scene in these countries looks much like that of the United States. B) These countries have high quality distribution structure. C) The retail markets in these countries are extremely fragmented. D) In these countries, a significant amount of purchasing is done on the black market.