Which statement is not consistent with Joseph Schumpeter's hypothesis?
a. Monopolies use profit to invest in research and development.
b. Monopolies end up being more efficient than competitive firms.
c. Monopoly prices end up being lower than prices generated in perfect competition.
d. Perfect competition is more conducive to innovation than monopoly.
e. Perfect competition is more efficient than monopoly.
D
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The income elasticity of demand for restaurant meals is 1.61. So
A) if income increases by 16.1 percent, the quantity demanded of restaurant meals will increase by 10 percent. B) if income increases by 10 percent, the quantity demanded of restaurant meals will increase by 16.1 percent. C) restaurant meals are an income elastic normal good. D) Both answers B and C are correct.
Explain what is meant by excess demand or s shortage
What will be an ideal response?
Chapter 16 on "Financial System Design" calls the asymmetric information problem discussed in earlier chapters the __________ conflict
A) manager-stockholder B) stockholder-lender C) manager-lender D) profit-risk
The level of an economic activity should be increased to the point where the ____ is zero
a. Marginal cost b. Marginal benefit c. Net marginal cost d. Net marginal benefit