A standard which came to the market first, such as the QWERTY letter layout in typewriters, can become entrenched (this layout is still used for computer keyboards today). What is this phenomenon called?
A) network externalities
B) path dependency
C) sunk cost
D) comparative advantage
Answer: B
Economics
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Assume that when price is $20, quantity demanded is 9 units, and when price is $19, quantity demanded is 10 units. Based on this information, we can conclude that over the price range from $19 to $20, demand is price:
A) elastic. B) unit elastic. C) inelastic. D) cannot be determined.
Economics
Explain the similarities and differences between the European System of Central Banks and the Federal Reserve System
What will be an ideal response?
Economics