Why does an existing less efficient technology drive out a new, more efficient technology?
a. The existing technology is a network that has become locked in.
b. People are receptive to the new technology.
c. The new technology is costlier to hire.
d. The existing technology is a network that has become locked out.
e. The government imposes taxes on the new technology.
a
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Mortgage loans made to borrowers with a more limited ability to repay are known as
A. subprime mortgages. B. credit default swaps. C. leveraged securities. D. mortgage-backed securities.
A perfectly competitive firm is allocatively efficient because price is identical to marginal cost at every quantity
a. True b. False
Which of the following statements is true?
A) Because of the transitional problems affecting some factors of production, the net benefits of free trade are generally negative. B) Most economists are in favor of opening markets and extending international trade throughout the world. C) Because of the compelling case for free trade, there are very few strong opponents and arguments against free trade remaining in the world today. D) Cheap labor in foreign countries can almost always out-compete expensive labor in the United States.
A downward-sloping demand curve will ensure that:
A. P > MR. B. P < MR. C. P = MC. D. P = MR.