Homework Clinic
Social Science Clinic => Economics => Topic started by: roselinechinyere27m on Jun 29, 2018
-
Marginal revenue product for a perfectly competitive seller is equal to
A) the marginal cost of production.
B) the output price multiplied by the number workers hired.
C) the output price multiplied by the total product of labor.
D) the change in total revenue that results from hiring another worker.
Question 2
An advantage of Microsoft Windows is its compatibility with the widest range of hardware and software.
The dominance of Windows is self-reinforcing: hardware and software manufacturers ensure that their products are compatible with Windows in order to have access to the large number of Windows users. Which principle best describes this scenario?
A) network externalities B) economies of scale
C) endorsement effects D) endowment effects
-
Answer to Question 1
D
Answer to Question 2
A