Technological progress means that we produce more output with the same amount of inputs.
Answer the following statement true (T) or false (F)
True
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Refer to the scenario above. If Aqua Inc charges a price of $70 for each unit of Good A while Blu Corp . charges a price of $50, Blu Corp . will face a demand of ________ units
A) 1,000 B) 1,500 C) 2,000 D) 3,000
The average unemployment rate was lowest during what period?
A) 1980-1990 B) 1950-1970 C) 2000-2010 D) 1980-2000
The product-variety externality arises in monopolistically competitive markets because
a. firms produce with excess capacity. b. firms try to differentiate their products. c. firms would like to produce homogeneous products, but the large number of firms prohibits it. d. entry and exit is restricted.
In a market economy, what encourages firms to develop new products and production processes?
A. contracts B. insurance C. patents D. accounting rules