Multiple Choice
When is a good path dependent?
A) When consumers get utility from consuming goods that others are consuming, such as restaurants.
B) When the first technology that was adopted has an advantage over a better technology that came later.
C) When people who move location follow the path of people who moved before them.
D) When it can only be used in one way.
Correct Answer:

Verified
Correct Answer:
Verified
Q116: Carolyn spends her income on popular magazines
Q118: To maximise utility, consumers should buy goods
Q119: Figure 6.1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1015/.jpg" alt="Figure 6.1
Q120: What does the economic model of consumer
Q123: If a consumer receives 20 units of
Q125: A new area of economics studies situations
Q178: What is a Giffen good?
Q241: Total utility is constant along a given
Q244: The income effect of an increase in
Q256: Explain the concept of network externalities.