The market system is also known as:

Which of the following is used to explain why a consumer's willingness to buy Microsoft Office increases as the number of other people who use Microsoft Office increases?

A) network externalities B) market failure C) diminishing marginal utility D) the income effect of a price change

A coalition of firms who agree to restrict output for the purpose of earning an economic profit is called a(n):

A. pure monopoly. B. duopoly. C. cartel. D. oligopoly.