In many high-tech industries in the economy, such as computers, medical equipment, and automobiles
a. price competition is utilized by firms more than innovation to compete with rivals.
b. firms compete on the basis of innovation only; never engaging in price competition.
c. innovation is utilized by firms to compete with rivals more than price competition.
d. firms use price competition only; never engaging in innovation to compete with rivals.
e. firms utilize innovation and price competition equally to compete with rivals.
c
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A merger between McDonald's and Burger King would be called a:
a. horizontal merger. b. vertical merger. c. conglomerate merger. d. cartel. e. game theory.
Sam McGarrity inherited $500,000 upon his favorite aunt's death. After this event it was observed by the local butcher that Sam was purchasing more steaks than in the past even though the butcher's advertising had provided no new information about his steaks in the past year. Most likely,
a. the relative cost of the butcher's steaks decreased b. the relative cost of the butcher's steaks increased c. Sam had seen industry ads about the benefits of red meat d. Sam's indifference map shifted e. Sam's income increased
The exchange rate is
a. the price of one nation's currency in terms of the currency of another nation. b. the amount households will spend on imports. c. the amount of foreign capital a nation receives when there is a trade surplus. d. the amount charged by bankers for loanable funds
An increase in aggregate demand will have most effect on prices if:
a) Aggregate supply is price inelastic b) Aggregate supply is price elastic c) Aggregate supply has a unitary price elasticity d) Aggregate demand is price inelastic