What is the distinction between innovation and invention?
Invention is the act of generating a new idea or device. Innovation is the act of putting the new idea or device into practical use. Innovation is one important source of profits.
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Economic rent is the portion of a resource's total earnings above its opportunity cost
Indicate whether the statement is true or false
Commentators on the presidential election between Bush and Gore in 2000 believe that the presence of Nader, a third party candidate:
A. drew votes away from Bush and caused him to win the election. B. drew votes away from Bush and caused him to lose the election. C. drew votes away from Gore and caused him to lose the election. D. pushed more people to vote for Bush than otherwise would have, causing him to win the election.
The long-run supply curve would be downsloping in:
A. a variable-cost industry. B. an increasing-cost industry. C. a constant-cost industry. D. a decreasing-cost industry.
When economists refer to labor, what type of workers are they referring to?
What will be an ideal response?