Even where imitation is possible, a firm may gain advantage from being the first to introduce an innovative product because of:
A. long-lasting brand-name recognition.
B. a time lag between innovation and imitation by rivals.
C. trade secrets that limit the ability of rivals to exactly imitate the product.
D. all of these.
Answer: D
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KFC raises the price of its grilled chicken. The price elasticity of demand for KFC grilled chicken is 0.8. What happens to the KFC's total revenue?
A) nothing B) It increases. C) It decreases. D) It becomes negative. E) It might change, but more information is needed to determine if it increases, decreases, or does not change.
If the Federal Reserve wants to lower the federal funds rate, it should
A) increase reserve requirements. B) announce a lower rate. C) request a lower rate. D) purchase government securities.
The government’s fiscal policy is its plan for managing ______________ through its spending and taxing programs
A. aggregate demand B. aggregate supply C. international trade D. None of these
In macroeconomics short-run...
What will be an ideal response?