question archive According to Joseph Schumpeter, firms face more competition from innovations that have not been discovered yet than from other firms
Subject:EconomicsPrice:2.88 Bought3
According to Joseph Schumpeter, firms face more competition from innovations that have not been discovered yet than from other firms.
False
True
The long-run level of profit is the same in each perfectly competitive industry.
True
False
A free market can allocate production across two farms to minimize total costs even when an ideal central planner could not.
True
False
If P > AC in a given industry, then:
a. the industry has the optimal amount of resources.
b. it is not possible to know whether the industry has the optimal amount of resources.
c. there are too many resources in that industry.
d. there are too few resources in that industry.
If a single supplier produces a good with many good substitutes, then
A.it will have little control over the market price.
B.the market demand will be perfectly elastic.
C.the price it chooses to set must be less than the market price in order to sell additional output.
D.the demand curve for its output will be downward sloping.
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