The economist Joseph Schumpeter argued that industrial concentration, in which a relatively small number of firms control the market place, actually ________ the rate of ________.
A. increased; technological advance
B. decreased; technological advance
C. decreased; market competitiveness
D. increased; market competitiveness
Answer: A
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A depreciating domestic currency is often perceived to be a sign of a(n):
A) economic expansion. B) strong government. C) weak government. D) global slowdown.
If a consumer places a value of $15 on a particular good and if the price of the good is $17, then the
a. consumer has consumer surplus of $2 if he or she buys the good. b. consumer does not purchase the good. c. market is not a competitive market. d. price of the good will fall due to market forces.
GDP measures
A. the market value of final products produced in the nation during the year.
B. the sum of the market value of final products produced and imported during the year.
C. the market value of intermediate products produced during the year.
D. the sum of the market value of both final and intermediate products produced during the year.
If the demand curve is horizontal, then demand is:
A. elastic. B. unit elastic. C. perfectly inelastic. D. perfectly elastic.