Which of the following would be classified as an innovation?
a. Edwin H. Land perfects the single-step photographic process in 1947.
b. Polaroid markets the single-step film in 1948.
c. Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879.
d. In 1803, Robert Fulton constructs his first small steamboat in Paris.
b
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Economics is generally concerned with
A. the operation of banks and the stock market. B. business management. C. how resources are allocated among alternative goals. D. the right time to start a business.
When negative externalities exist in production, _____
a. the social supply curve lies to the left of the private supply curve b. the social supply curve lies to the right of the private supply curve c. the social supply curve is identical to the private supply curve d. the private demand curve lies to the right of the social demand curve e. the private demand curve lies to the left of the social demand curve
A competitive industry consists of 100 firms. The short-run marginal cost curve for each firm is given by MC = 200 + .3Q. The demand curve faced by the industry is given as P = 400 - .1Q. How much profit is each firm making if fixed costs are $375 per firm?
What will be an ideal response?
In the early 1930s, President Hoover told Americans that prosperity was just "around the corner." He was expressing the views of ______ economic theory.
A. Keynesian B. demand-side C. classical D. supply-side