According to the process of creative destruction, at first the entrepreneur will be able to sell her product for
a. a low price because it is not well known.
b. a high price because there is no competition.
c. a fair price because these are contestable markets.
d. at a price of zero until the market is created.
b
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With a rent ceiling set below the equilibrium rent, i. all renters are able to rent apartments at a lower rent. ii. there is a shortage of apartments. iii. the quantity of apartments supplied does not change because buildings cannot be moved
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
In the short run, a firm will
A) not produce if its total revenue does not cover its total cost. B) produce and incur an economic loss if its total revenue covers its total variable cost but not its total cost. C) produce and break even if its total revenue covers its total fixed cost but not its total variable cost. D) produce and earn an economic profit if its total revenue is equal to its total cost.
In the permanent income hypothesis, income that does not persist for a long period of time is known as ________
A) current income B) transitory income C) insufficient income D) limited income
Prince Henry the Navigator was one of the leading explorers from _____
a. England b. France c. Holland d. Portugal e. Spain