Imitation as a strategy for acquiring new technology is based on the difference in effort between
a. creating it and thinking of it.
b. creating it and looking it up.
c. looking it up and writing it down.
d. discovering it and innovating it.
b
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How do decreasing returns to scale affect the shape of the long-run average cost curve?
What will be an ideal response?
The real-income effect shows that
A. a decrease in the price of a good increases the purchasing power of the consumer's income. B. when the price of a good rises, consumers are able to buy more of other goods because of the increase in the purchasing power of income. C. if a good is inferior, a decrease in the purchasing power of income results in less of the good being consumed. D. if the consumer's income rises, he or she buys more of inferior goods and less of normal goods.
The monopolist's input demand curve is the
A. marginal physical product curve. B. marginal factor cost. C. marginal revenue curve. D. marginal revenue product curve.
If a price ceiling of $3 is imposed on gasoline and the market price is $2,
a. the price of gasoline will rise. b. the price of gasoline will fall. c. the price of gasoline will remain unchanged. d. the demand for gasoline will increase.