The development of a new good or a new process for making a good is called
A) an innovation.
B) an invention.
C) a factor of production.
D) a service.
Answer: B
You might also like to view...
A luxury cruise in the United States Virgin Islands is an example of an ________ good, and a desk calendar is an example of a(n) ________ good.
A) inspection; credence B) inspection; experience C) experience; credence D) experience; inspection
Which of the following is NOT a characteristic of monopolistic competition?
A) large number of sellers B) differentiated products C) advertising D) barriers to entry
Would it be possible for an increase in taxation to decrease the gross domestic product measured in the U.S.? Why or why not?
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, the firm's marginal revenue:
A. decreases as output increases. B. increases until the 3rd unit, then decreases. C. increases as output increases. D. is constant.