The marketing of the first ballpoint pen by Milton Reynolds showed
A) that being the first firm to market a new product can result in a natural monopoly.
B) that first-mover advantages can make it more difficult for new firms to enter a market and compete against the first mover.
C) how important it is to receive patent protection for a new product.
D) that being the first firm to market a product may not lead to a long-lived advantage over later entrants into the market.
D
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An increase in the price of an input will increase the _____ of producing the final good and shift the supply curve of the commodity _____
a. marginal cost; upward b. transaction cost; upward c. marginal cost; downward d. transaction cost; downward
"Most textiles worn by American consumers are produced in Asian and South American countries where the opportunity costs of production are lower." This observation refers to the:
a. law of supply. b. income elasticity of demand. c. principle of beneficial tariffs. d. principle of comparative advantage. e. law of decreasing returns to scale.