The successful commercial introduction of a new product, the use of a new method, or the creation of a new form of business enterprise is called:
A. innovation.
B. invention.
C. creative destruction.
D. diffusion.
Answer: A
You might also like to view...
For a monopolist, marginal revenue for all units greater than 1 is:
A. always equal to price. B. never less than price. C. always less than price. D. minimized at price.
A direct exchange of fish for corn is an example of:
a. storing value. b. a modern exchange method. c. barter. d. a non-coincidence of wants.
Which of the following goods is likely to have the most price inelastic demand?
a. margarine b. Tide detergent c. cigarettes d. Coca-Cola e. ground beef
One problem with government ownership of natural monopolies is that:
A. the government has no reason to set price equal to marginal cost. B. it forces the government to either raise taxes or lower spending. C. the government could violate its own antitrust laws. D. government-owned firms have weaker incentives to cut costs than do privately-owned firms.