If you generate a new idea that has not been implemented yet by anyone else, and the idea offers a more profitable use of some resource, it is likely an example of:
A. innovation.
B. market failure.
C. intervention.
D. a goal other than profit.
A. innovation.
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Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. James's dominant strategy is to choose Up.
B. James's dominant strategy is to choose Down.
C. Theodore's dominant strategy is to choose Left.
D. Theodore's dominant strategy is to choose Right.
The law of diminishing marginal productivity implies that opportunity cost:
A. is constant as all inputs are increased to produce successive units of output. B. increases as all inputs are increased to produce successive units of output. C. increases as one input is increased to produce successive units of output. D. is constant as one input is increased to produce successive units of output.
Price Per UnitQuantity Demanded Per Unit of Time$2012$1817$1620$1424$1230$1036$840$644$448Refer to the above data. Over which price range is the price elasticity of demand unitary?
A. $14-$12 B. $12-$10 C. $10-$8 D. $16-$14
Which of the following conditions must be TRUE so that a firm can price discriminate?
A) There are no other firms in the market. B) The good is a nondurable. C) The good cannot be easily resold. D) All of the above.