Creative destruction theory is essentially an argument that profit potential within a noncompetitive industry creates an incentive for new types of competing industry, thereby strengthening the original industry's market power
Indicate whether the statement is true or false
F
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There are 100 residents in the City of Mos Eisley. Each resident's willingness to pay for an additional acre of parkland (P) depends on the number of acres the City already has (Q), and is given by P = 20 - 0.10Q. If parkland is a public good, and the cost of each acre of parkland is constant and equal to $500, then what's the socially optimal number of acres of parkland in Mos Eisley?
A. 0 acres B. 185 acres C. 150 acres D. 520 acres
Demand-side changes explain everything about stagflation.
Answer the following statement true (T) or false (F)
A value of the absolute price elasticity of demand equal to 0.5 indicates that
A) a 0.5% decrease in price leads to a 1% increase in quantity demanded. B) a 2% decrease in price leads to a 25% increase in quantity demanded. C) a 1% increase in price leads to a 5% decrease in quantity demanded. D) a 10% increase in price leads to a 5% decrease in quantity demanded.
The price elasticity of demand along a vertical demand curve is
A) elastic at high prices and inelastic at low prices. B) infinite. C) one. D) zero.