Which of the following would be classified as an innovation?
A. Edwin H. Land perfects the single-step photographic process in 1947.
B. Polaroid markets the single-step film in 1948.
C. Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879.
D. In 1803, Robert Fulton constructs his first small steamboat in Paris.
Answer: B
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Refer to the scenario above. What is the probability of getting tails?
A) 25% B) 50% C) 75% D) 100%
An increase in a country's net commodity terms of trade will
A) not always guarantee positive changes in the country's economy. B) always increase the country's economic welfare. C) always increase the country's real income. D) never increase the country's quantity of exports. E) always increase the country's production of its import competing good.
If Ann's utility function is U = W0.5, and she invests in a business which can yield $6,400 with probability 1/5, and $3600 with probability 4/5, then her risk premium to avoid bearing this risk is
A) $36. B) $41.6. C) $64. D) $100.
Refer to the table below. If the senior manager learns that either a Fair or Poor market will exist when the drug is introduced to the market, which drug should the senior manager pursue?
The senior manager of Rx Pharmaceuticals needs to decide which of three drugs the company should consider developing. The estimated profit for each of the drugs differs depending on the market conditions when the respective drugs are introduced to the market. The above table summarizes the estimated profit for each drug under each of the three market conditions; Good, Fair, and Poor.
A) Drug Z
B) Drug X
C) Drug Y
D) none of the drugs