The process of invention is the act of
A. introducing a new product into the market.
B. applying a process in a new area of the market.
C. discovering a new process or product.
D. adopting an innovation to a profitable use.
Answer: C
Economics
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When the United States imposed a 25% tariff on imported pickup trucks, the price of Japanese pickup trucks in the United States:
a. rose by 25%. b. rose by less than 25%. c. rose by more than 25%. d. fell by less than 25%.
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Why does a firm maximize its profits by hiring so that VMP = W?
What will be an ideal response?
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