An incumbent's gain from"learning by doing" is diminished if learning is slow because
A) the incumbent get too quickly a head start
B) future entrants cannot catch up
C) the incumbent will not bother to learn cost-saving techniques
D) the early cost reduction enjoyed by the incumbent is very small
D) the early cost reduction enjoyed by the incumbent is very small
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Positive economic analysis _____
a. evaluates policy changes and determines whether it is a good idea b. seeks to understand the outcome of a policy change c. cannot be proven incorrect d. is a statement about "what ought to be"
The characteristic that distinguishes a monopolistically competitive market from a perfectly competitive market is the:
a. ease of entry. b. number of firms operating in the market. c. degree of government regulation in the activities of the firms. d. differentiation of products. e. extent of market share of each firm.
Entrepreneurship is typically identified with which of the following?
a. professionalism and dedication b. risk-taking and creativity c. impulsiveness and leadership d. organization and sense of humor e. boring and rich
When all perfectly competitive firms in a market or all monopolistically competitive firms in a market make zero economic profit,
a. no firms will enter the market b. all firms will exit the market c. a monopolist will take over the market d. the market demand shifts to the left e. the price of the good produced will increase in the long run