The successful introduction and adoption of a new product or process is known as
a. invention.
b. innovation.
c. origination.
d. adaptation.
B
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Refer to Figure 3-6. The figure above represents the market for coffee grinders. Assume that the price of coffee grinders is $50. At this price,
A) there is a surplus equal to 90 coffee grinders that will be eliminated when the price falls to $25. B) the supply exceeds the demand by 90. Some producers will have an incentive to offer to sell coffee grinders at a lower price. C) there is a surplus equal to 90 coffee grinders and the price of coffee grinders will fall until demand is equal to supply. D) the quantity supplied exceeds the quantity supplied by 100. The price will eventually fall to $25 where quantity demanded will equal quantity supplied.
What are the three major types of quotas?
What will be an ideal response?
Adverse selection in health insurance occurs when those who are less likely to need health care, such as younger and healthier workers, choose not to purchase it.
Answer the following statement true (T) or false (F)
Which of the following is correct?
A. In the short run, if a firm chooses to produce no output (i.e. shut down) its total costs of production will equal its total fixed costs. B. If a firm decides to shut down, its short-run total costs will equal 0 C. As a firm increases output in the short run, the change in total costs is equal to the change in total variable costs. D. A firm minimizes its total costs of production when average variable cost is minimized. Reset Selection