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Author Question: The telephone is an example of a product with network externalities. Indicate whether the ... (Read 43 times)

cool

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on: Jul 1, 2018
The telephone is an example of a product with network externalities.
 
  Indicate whether the statement is true or false

Question 2

In the long run, competitive firms MUST be profit maximizers because if they do not maximize profits,
 
  A) they will not survive.
  B) they will not be price takers.
  C) they will attract entry.
  D) the profits that they do earn will only cover variable costs.
Microeconomics ¦ Perloff ¦ 8th Edition
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KKcool

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Reply #1 on: Jul 1, 2018
Answer to Question 1

True . The more people use phones the more people benefit from owning one.

Answer to Question 2

A


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