Google gained its monopoly power in the market for internet-search service because it:
A. Is a licensed natural monopoly
B. Was first to market and gained consumer loyalty
C. Took over the market from older firms through creative destruction
D. Advertised its services very heavily
B. Was first to market and gained consumer loyalty
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Assuming price elasticity of demand is reported as an absolute value, a price elasticity of one indicates:
A. the percentage change in quantity demanded will equal the percentage change in price. B. the percentage change in quantity demanded will equal one. C. both the percentage change in price and quantity demanded must equal one. D. the percentage change in quantity demanded and the percentage change in price must sum to one.
Which of the following statements best describes the effect of an increase in structural unemployment on an AD/AS diagram?
a. In an AD/AS diagram, an increase in structural unemployment will shift AS to the right. b. In an AD/AS diagram, an increase in structural unemployment will have no effect on AS or AD. c. In an AD/AS diagram, an increase in structural unemployment will shift AS to the left. d. In an AD/AS diagram, an increase in structural unemployment will shift AD to the left.