Which of the following is a term for an innovative new product or production technology which disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations?
a. disruptive technological change
b. disruptive market change
c. disruptive trade change
d. disruptive transfer change
b. disruptive market change
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Provision was made for squatters' rights in the 1785 Northwest Ordinance
Indicate whether the statement is true or false
We refer to situations in which individuals need to act collectively to reach solutions that will make everyone better off as:
A. collective-action problems. B. free-rider problems. C. moral hazard problems. D. public-mind problems.
If the price of peanut butter decreases substantially (ceteris paribus), the equilibrium quantity of jelly, a complement, is likely to:
a. increase, and the equilibrium price of jelly is likely to decrease. b. increase, and the equilibrium price of jelly is likely to increase. c. decrease, and the equilibrium price of jelly is likely to decrease. d. decrease, and the equilibrium price is of jelly likely to increase.
Demand is said to be ____ when the quantity demanded is very responsive to changes in price
a. independent b. inelastic c. unit elastic d. elastic