What is a network externality it refers to a

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11) What is a network externality?
12) Compared to perfect competition, the consumer surplus in a monopolyis lower because price is higher and output is lower13) Refer to Figure 15-3. What is the amount of the monopoly's total cost of production?
14) Refer to Figure 15-1. If the firm's average total cost curve is ATC3, the firm will
15) Refer to Table 15-1. What is the amount of the firm's profit?
16) A Herfindahl-Hirschman Index is calculated by
17) Refer to Table 13-1. What portion of the marginal revenue of the 4th unit is due to the output effect and what portion is due to the price effect?
18) A merger between U.S. Steel and General Motors would be an example of a
19) Refer to Table 13-1. What portion of the marginal revenue of the 5th unit is due to the output effect and what portion is due to the price effect?
20) Which of the following is a characteristic shared by a perfectly competitive firm and a monopoly?

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