A good is path dependent when
A) it can only be used in one way.
B) people who move location follow the path of people who moved before them.
C) consumers get utility from consuming goods that others are consuming, such as restaurants.
D) the first technology that was adopted has an advantage over a better technology that came later.
D
Economics
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Small pizza parlors exist in just about every town. Anyone can open a pizza parlor, and the pizzas from one parlor typically have different tastes and sizes than pizzas from another parlor. Thus, the pizza industry is an example of
A) perfect competition. B) monopoly. C) oligopoly. D) monopolistic competition.
Economics
Refer to Figure 4-6. The amount of the excise tax I is
a. $.50. b. $1.50. c. $1.00. d. $2.00.
Economics