What is the process that begins with invention and includes improvement to prepare the invention for practical use and marketing of the invention or its products?
A) Sales
B) Innovation
C) Productivity
D) Commercialization
Answer: B) Innovation
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Suppose that Wells Fargo Home Mortgage sells $10 million worth of mortgage payments to GMAC in exchange for $10 million in auto loan payments. This type of transaction is called a
A) credit option. B) credit swap. C) credit-linked note. D) credit default swap.
The cross price elasticity between X and Y is 1.2. We can conclude that
A) goods X and Y are substitutes. B) goods X and Y are complements. C) goods X and Y are unrelated. D) perfect substitutes
You can spend $10 for lunch and you would like to purchase two cheeseburgers. When you get to the restaurant, you find out the price for cheeseburger has increased from $5 to $6, so you decide to purchase just one cheeseburger. This is best described as:
A. a decrease in the buyer's reservation price. B. the substitution effect of a price change. C. the income effect of a price change. D. an increase in the buyer's reservation price.
Other things being equal, a price-discriminating firm will charge less to the customers who
A. have the most elastic demand for the product. B. are the most rational in making their decisions. C. have the least elastic demand for its product. D. have the lowest incomes.