Software companies continually work to develop new features of their products that make it easier for users to interact and share their work
As more of these features are embedded in the software, what happens to the individual demand curve for the software products? A) Demand curve becomes more elastic due to the bandwagon effect
B) Demand curve becomes less elastic due to the snob effect
C) Demand curve shifts, but its degree of elasticity does not change
D) There is no change in the individual demand curve
A
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Which of the following leads to a recession?
A) An accumulation of money in the economy B) An accumulation of mistakes in the economy C) An accumulation of non-renewable resources in the economy D) An accumulation of irrational decisions among businesses and households
Deciding how to make the best use of limited resources to satisfy virtually unlimited wants is known in economics as
a. economizing behavior. b. the fallacy of composition. c. ceteris paribus. d. the fallacy that good intentions do not guarantee the desired outcome.