The term for an innovative new product or production technology that disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations is called a(n)
a. innovative market change
b. disruptive market change.
c. productivity market change
d. technological market change
b. disruptive market change.
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When people cannot be excluded from consuming a good, even if they have not paid for the good, competitive markets would
A) produce more of the good than society needs. B) allocate more resources than the efficient amount to the production of the good. C) produce the good so that people could enjoy a "free ride." D) produce less than the efficient quantity. E) eliminate the deadweight loss.
Refer to Figure 13-3. Which of the points in the above graph are possible short-run equilibria but not long-run equilibria? Assume that Y1 represents potential GDP
A) A and B B) B and D C) A and C D) C and D
A common belief among political analysts is that someone running for his or her party's nomination for president of the United States must choose a different strategy once the nomination is secured
To be nominated, the candidate must appeal to voters from one party—Democrat or Republican—but in a general election a party's nominee must appeal to voters from both parties as well as independent voters. Which of the following offers the best explanation for this change in strategy? A) rent seeking B) the median voter theorem C) the Arrow impossibility theorem D) the voting paradox
Cross elasticity of demand measures the response in
A. the quantity of one good demanded to a change in the price of another good. B. the income of consumers to the change in the price of goods. C. the price of a good to a change in the quantity of another good demanded. D. quantity of one good demanded when the quantity demanded of another good changes.