Which of the following statements is true?
a. Economic profit equals accounting profit minus implicit costs.
b. The short run is any period of time in which there is at least one fixed input.
c. A fixed input is any resource for which the quantity cannot change during the period under consideration.
d. In the long run there are no fixed costs.
e. All of these.
e
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Which of the following would not shift the demand curve for pork?
a. an increase in the price of beef b. an increase in the price of pork c. an increase in the incomes of pork consumers d. a widespread advertising campaign for pork e. a finding that consumption of beef increases the risk of heart attack
Some economists have suggested that network externalities result in consumers being locked into the use of products with inferior technologies. Economists Stan Leibowitz and Stephen Margolis have studied cases that have been cited as examples of this and
found A) there is no convincing evidence that the alternative technologies were superior. B) consumers sometimes do become locked into the use of products with inferior technologies. C) that in all of these cases network externalities resulted in market failure. D) that consumers use products with inferior technologies when their prices are lower than products with superior technologies.