The process of research and development
a. always leads to useful products.
b. almost never leads to useful products.
c. often involves a waste of resources.
d. is usually conducted in governmental laboratories.
c
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Predatory pricing, as defined in the text, is
A) common and profitable but illegal. B) common, profitable, and legal. C) common but both unprofitable and illegal. D) common and legal but unprofitable. E) rarely observed though often alleged.
In economics, positive statements are about
A) the way things ought to be. B) the way things are. C) macroeconomics, not microeconomics. D) microeconomics, not macroeconomics.
Holding everything else constant, the demand for a good tends to be more elastic
A) the more substitutes there are for the good. B) the less important the product is in consumers' budgets. C) the shorter the time period involved. D) the more consumers perceive the good to be a necessity.
If, as a result of a change in demand in a perfectly competitive increasing-cost industry, price and quantity rise, demand must have risen
a. True b. False