Multiple Choice
Innovations that lower production costs or create new products
A) are rare in competitive industries.
B) discourage new firms from entering the industry.
C) often generate short-run economic profits that do not last into the long run.
D) usually generate long-run economic profits for the innovator.
Correct Answer:
Verified
Correct Answer:
Verified
Q5: A patent gives a firm the power
Q72: In pure competition, if the market price
Q74: Suppose an increase in product demand occurs
Q78: If a purely competitive constant-cost industry is
Q79: Suppose that the corn market is purely
Q80: The long-run supply curve under pure competition
Q81: (Consider This) Approximately what percentage of start-up
Q82: A decreasing-cost industry is one in which<br>A)contraction
Q121: A purely competitive firm<br>A) must earn a
Q218: When entrepreneurs in competitive industries successfully innovate