From 1960 to 2015, inflation-adjusted wages increased by 165 percent in the U.S., and yet firms more than doubled the amount of labor they employed

National income, plus income received but not earned, minus income earned but not received, is

a. personal income b. personal disposable income c. pre-tax profit d. net national product e. capital depreciation

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.