The process by which new firms and new products replace existing dominant firms and products is called:
A. monopolistic competition.
B. mergers and acquisitions.
C. process innovation.
D. creative destruction.
Answer is D. creative destruction.
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Of the following situations, explain which are best described as games and which are best described as just decisions:
a. Starbucks is deciding whether to offer a new, 40 oz. option called the Uberventi. b. Sasha is deciding whether to order a grande latte or venti latte from Starbucks. c. The people of Catalonia are deciding whether to vote for independence from Spain. d. MGM Resorts International is preparing to bid to obtain the last available casino license in Macao. e. The Hollywood Hills Homeowner Association is debating the landscape design for the renovation of the main entrance to their neighborhood.
Social Security is an example of
A) a progressive income tax. B) a subsidized service. C) an income maintenance program. D) an unemployment benefit.
Refer to Table 6-8. What is the numerical value of the price elasticity of supply?
A) 0 B) 1 C) greater than 0 but less than 1 D) greater than 1
If buyers expect prices to ________ faster than the interest rate, it makes sense to _____ as much money as possible to _____ now in order to ______ in the future
a. Increase; borrow; buy; sell b. increase; save; buy; sell c. decrease; save; buy; sell d. decrease; borrow; sell; buy