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.
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