First movers
A) are usually firms with large market share.
B) are the first to bring out a new product.
C) usually copy successful products.
D) are mainly found in the computer industry.
E) have memorable trade names.
B
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If the HHI for an industry equals 3,200,
A) firms in the industry are most likely to make zero economic profit B) the industry is probably an oligopoly C) firms in the industry are likely to act independently of each other D) firms in the industry must enter a cartel in order to earn an economic profit E) the industry is almost surely monopolistic competition
According to Prebisch and other ISI theoreticians, countries should begin to shift their comparative advantage away from primary commodity production by first producing
A) industrial goods such as pumps and generators. B) complex consumer goods such as autos and appliances. C) advanced industrial goods such as chemical and electronics. D) simple consumer goods such as food products and textiles. E) minerals and agricultural products.
If average fixed costs equal $60 and average total costs equal $120 when output is 100, the total variable cost must be
a. $40. b. $60. c. $6,000. d. $8,000.
In applying the lower of cost or market rule, market may be represented by:
a) current replacement costs b) net realizable value c) net realizable value less a normal profit margin d) any of the above may be correct