First movers are also product innovators
Indicate whether the statement is true or false
False
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Other things being equal, a decreased supply of natural resources would be represented on a production possibilities curve by a(n):
a. movement off the curve to a point inside the curve. b. movement down along the curve. c. movement up along the curve. d. inward shift of the entire curve.
If someone asked you to predict the price of gas in a month, and you decided to just guess by adding a few cents to the current price of gas, which you know, your answer would exhibit:
A. anchoring. B. time inconsistency. C. rational expectations. D. transitivity.
The multiplier principle is important because it
a. was central to economic theory before Keynes. b. implies that investment will help stabilize the economy. c. shows why small shifts in investment have a powerful influence on national income. d. illustrates why a small change in income causes a large change in saving.
In reality, perfect price discrimination is
a. used by about 75 percent of all monopolies. b. used by about 50 percent of all monopolies. c. seldom used by monopolies because it leads to lower profits. d. rarely possible.