The successful introduction and adoption of a new product or process is called
What will be an ideal response?
innovation.
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An industry with a high concentration ratio might still be competitive if
A) there are no close substitutes for its product. B) its barriers to entry are low. C) its production is geographically concentrated. D) it has a high ratio of value added to sales.
Public goods
A) are overproduced by unrestrained markets. B) are simply private goods that the government provides. C) cannot be consumed by more than one person without the degradation of the value of the good. D) can be consumed by more than one person without degradation of the value of the good.
The Keynesian analysis of fiscal policy implies that
a. fiscal policy should generally be expansionary except during periods of economic recession. b. fiscal policy should generally be restrictive except during inflationary booms. c. the federal budget should be balanced annually except during war. d. the federal budget should be used to maintain aggregate demand at a level consistent with full employment.
Which of the following events could cause an increase in the supply of ceiling fans?
a. The number of sellers of ceiling fans increases. b. There is an increase in the price of air conditioners, and consumers regard air conditioners and ceiling fans as substitutes. c. There is an increase in the price of the motor that powers ceiling fans. d. All of the above are correct.