The market value of all domestically produced final goods and services are also equal to the total amount spent by ________ less spending on imported goods and services.
A. households, firms, and governments
B. households, firms, and the foreign sector
C. households, firms, governments, and the foreign sector
D. households and firms
Answer: C
Economics
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Which of the following statements correctly identifies a similarity between network effects and economies of scale?
A) Both are related to costs incurred by a firm. B) Both act as barriers to entry in a market. C) Both act as disincentives to monopolies. D) Both are related to the number of consumers using a firm's product.
Economics
Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price decreases from $10 to $8 is
A. -1.60. B. -.63. C. -2.25. D. -1.16.
Economics