Innovation is the process of turning an invention into a marketable product
a. True
b. False
A
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Suppose Campus Books, a profit-maximizing firm, is the only supplier of the textbook for a given class. The marginal cost of supplying each book is constant and equal to $10, and Campus Books has no fixed costs. The table below shows the reservation prices of the eight students enrolled in the class.StudentReservation Price($/Book)Q60R54S48T42U36V30W30X30 What is the socially optimal number of books?
A. 6 B. 7 C. 5 D. 8
Do the real effects of aggregate demand shocks differ in the short run and long run in the Keynesian sticky-price model from the effects of these shocks in the classical model of perfectly flexible prices? Briefly explain
What will be an ideal response?
Economic profit is always
A) greater than accounting profit. B) equal to accounting profit. C) less than accounting profit. D) equally likely to be either greater or less than accounting profit.
Allocative efficiency occurs when firms produce:
a. where price equals minimum long run average cost. b. where price equals marginal cost. c. where consumer surplus is zero and producer surplus is positive. d. where marginal benefit equals marginal cost.