Process innovation refers to:
A. development of new products.
B. implementation of better methods of producing products.
C. first discovery of new scientific principles.
D. widespread imitation of innovations.
Answer: B
Economics
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Average variable cost equals
A) fixed cost divided by output. B) total variable cost divided by output. C) marginal cost divided by output. D) marginal cost plus fixed cost. E) marginal cost multiplied by output.
Economics
Pierre can produce either a combination of 20 bow ties and 30 neckties or a combination of 35 bow ties and 15 neckties. If he now produces 35 bow ties and 15 neckties, what is the opportunity cost of producing an additional 15 neckties?
A) 2 bow ties B) 15 bow ties C) 20 bow ties D) 35 bow ties
Economics