Author Question: Which of the following is used to explain why a consumer's willingness to buy a cell phone increases ... (Read 99 times)

futuristic

  • Hero Member
  • *****
  • Posts: 638
Which of the following is used to explain why a consumer's willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?
 
  A) network externalities B) diminishing marginal utility
  C) market failure D) the income effect of a price change

Question 2

Assuming zero transactions costs, if your local grocer buys oranges at a low price from an orchard and resells them to you at a higher price, then the grocer's revenue minus costs is known as
 
  A) transactions profits. B) pure profits.
  C) excess profits. D) arbitrage profits.


mariahkathleeen

  • Sr. Member
  • ****
  • Posts: 337
Answer to Question 1

A

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

For a complete list of videos, visit our video library