Rivalry among firms would tend to be high if
a. Customers are locked into the competitors technology
b. Customers can easily switch between competitor's technologies
c. All of the above
d. None of the above
b
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Total expenditure in the United States is equal to consumption expenditure plus investment
A) plus government expenditure on goods and services plus imports of goods and services. B) minus government expenditure on goods and services minus imports of goods and services. C) plus government expenditure on goods and services plus exports of goods and services. D) plus government expenditure on goods and services plus exports of goods and services minus imports of goods and services. E) plus government expenditure on goods and services plus exports of goods and services plus imports of goods and services.
Ben quit his job as an economics professor to become a golf professional. He gave up his salary ($40,000 . and invested his retirement fund of $50,000 (which was earning 10 percent interest) in this venture. After all expenses, his net winnings (profit) were $45,000 . Ben's economic profits were
a. $45,000. b. $5,000. c. $2,000. d. zero.