A Good Is Path Dependent When

question 173

Multiple Choice

A good is path dependent when

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

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Definitions:

Unequal-variances T-test

A statistical test used for comparing the means of two groups that do not have the same variance.

Non-integer Number

A value that is not a whole number, including fractions, decimals, and irrational numbers.

Two-tailed Test

A statistical hypothesis test in which the area of rejection is on both sides of the sampling distribution, allowing for the possibility of an effect in two directions.

Independent Populations

Populations in which the outcomes or characteristics of a sample from one population are not affected by the outcomes or characteristics of a sample from another population.