Creative destruction refers to the process where
a. new products and methods of production are continuously replacing old ones
b. producing more of one good causes you to produce less of another
c. everybody involved is made worse off
d. new ways to destroy buildings are employed
A
You might also like to view...
Most countries in the world are classified as
A) advanced. B) in transition. C) developing. D) industrialized. E) emerging market.
The number of firms in an oligopolistic industry
A) must be less than 10. B) must be less than 20. C) must be small enough that firms are interdependent. D) must be large enough for firms to be independent.
Full employment occurs when the rate of unemployment consists of:
a. structural plus frictional unemployment. b. cyclical plus frictional unemployment. c. structural, frictional, and cyclical unemployment. d. none of these.
The demand equation for a single price monopolist is P = 50 - Q. The marginal revenue equation for this monopolist is
A. 50 - Q. B. 100 - Q. C. 25 - Q. D. 50 - 2Q.