The term "________" denotes the adaptation of new technological ideas to existing products and services
a. invention
b. merger
c. innovation
d. economies of scale
c. innovation.
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Suppose that the quantity of cars supplied exceeds the quantity of cars demanded. We would expect that
A) the price of cars will increase. B) the price of cars will decrease. C) the supply will increase (supply will shift to the right) to meet the demand. D) the demand will decrease (demand will shift to the left) to meet the supply.
Money performs all of the following functions EXCEPT serving as a
i. medium of exchange. ii. unit of account. iii. barter mechanism. A) iii only B) ii only C) i only D) ii and iii E) i and ii
The fact that supermarkets, a land-intensive form of organization, have become the dominant form of grocery store in the United States suggests that:
A) there is little or no potential for input substitution in the grocery store business. B) transportation costs are insignificant in the grocery store business. C) land is a relatively inexpensive input in the grocery store business. D) labor is relatively inexpensive in the grocery store business.
If a nonbinding price floor is imposed on a market, then the
a. quantity sold in the market will decrease. b. quantity sold in the market will stay the same. c. price in the market will increase. d. price in the market will decrease.