Entrepreneurs create destruction

Indicate whether the statement is true or false


True

Economics

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Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. What is Pepsi's inverse demand function?

A. PP = (0.18 + 0.8PC) - 0.002QP B. QP = (0.18 + 0.8PC) - 0.002PP C. PP = (90 + 400PC) - 0.002QP D. QP = (90 + 400PC) - 0.002PP

Economics

Comparative statics analysis in economics is best illustrated as

A) the comparison of equilibrium points before and after changes in the market have occurred. B) a comparison of two types of markets. C) the comparison of the percentage of change in the one variable divided by the percentage change in the other variable. D) an analytical technique used to show best case scenarios of demand and supply curves.

Economics

If advertising makes demand of a product more elastic, it makes sense for a firm to

a. Decrease the price of the product b. Increase the price of the product c. Leave the price unchanged d. None of the above

Economics

On a graph for the Gini Coefficient, perfect equality would be represented by the equation ______.

a. G = -1 b. G = 0 c. G = 1 d. G = 100

Economics