Author Question: Which of the following is used to explain why a consumer's willingness to buy a cell phone increases ... (Read 39 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?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

For a complete list of videos, visit our video library