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Author Question: Which of the following statements is true of a perfectly competitive market? A) Innovation is ... (Read 71 times)

leo leo

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on: Jun 29, 2018
Which of the following statements is true of a perfectly competitive market?
 
  A) Innovation is less likely in a competitive market because of free entry and exit of firms.
  B) Innovation is likely in a competitive market because of free entry and exit of firms.
  C) The firms in a competitive market invest more in R&D because they face an inelastic demand curve.
  D) The firms in a competitive market invest more in R&D because their demand for resources is perfectly elastic.

Question 2

Another term for negative externalities is
 
  A) bad vibrations.
  B) non-marginal costs.
  C) spillover costs.
  D) sunk costs.
  E) surplus product.


reelove4eva

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


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