The marketing of the first ballpoint pen by Milton Reynolds showed
A) that being the first firm to market a new product can result in a natural monopoly.
B) that first-mover advantages can make it more difficult for new firms to enter a market and compete against the first mover.
C) how important it is to receive patent protection for a new product.
D) that being the first firm to market a product may not lead to a long-lived advantage over later entrants into the market.
D
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In the above table, the production of 3 pizzas and 80 cases of soda is
A) impossible unless more resources become available or technology improves. B) feasible but would involve unemployed or misallocated resources. C) possible only if the economy produces with maximum efficiency. D) possible only if there is inflation.
A price ceiling that sets the price of a good below market equilibrium will cause:
a. An increase in quantity demanded of the good. b. A decrease in quantity supplied of the good. c. A shortage of the good. d. All of these.
A decrease in the level of capital inside a nation would cause the:
A. long-run aggregate supply curve to shift to the right. B. long-run aggregate supply curve to shift to the left. C. short-run aggregate supply curve to shift to the right. D. aggregate demand curve to shift to the right.
Industrial machinery is an example of
a. a factor of production that in the past was an output from the production process. b. physical capital. c. something that influences productivity. d. All of the above are correct.