The term for an innovative new product or production technology that disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations is called a(n)
a. innovative market change
b. disruptive market change.
c. productivity market change
d. technological market change
b. disruptive market change.
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A demand schedule shows the time over which different quantities will be demanded.
Answer the following statement true (T) or false (F)
An advance in technology shifts the production function upward and shifts the labor
A) demand curve leftward. B) supply curve leftward. C) demand curve rightward. D) supply curve rightward.
The federal budget is balanced and the economy is on the upward-sloping portion of the Laffer curve. Then, tax rates are cut and government purchases are increased. Is a budget deficit inevitable?
A) No, because a cut in tax rates (on the upward-sloping portion of the Laffer curve) increases tax revenues, and if the increase in tax revenues equals the increase in government purchases there is no deficit. B) Yes, because a cut in tax rates (on the upward-sloping portion of the Laffer curve) lowers tax revenues. C) No, because a cut in tax rates (on the upward-sloping portion of the Laffer curve) decreases tax revenues, and if the decrease in tax revenues is less than the increase in government purchases there is no deficit. D) Yes, because a cut in tax rates (on the upward-sloping portion of the Laffer curve) raises interest rates, and higher interest rates discourage investment spending.
In the short run,
a. all inputs are fixed. b. all inputs are variable. c. some inputs are fixed. d. no production occurs.