The development of new products through research and development in new growth theory is important because
A) new patents are created.
B) there can be a positive impact on future growth.
C) society's scarce resources are being used when they could be used for current consumption.
D) it will lead to a reduction in the savings rate.
B
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Refer to Table 10-7. What is Antonio's marginal utility from consuming the fifth beer?
A) 4 utils B) 13.6 utils C) 69 utils D) 134 utils
On September 3, 2003, Universal Music Group announced plans to reduce the wholesale price of music CDs it distributes by an average of 25-30 percent. All else constant (i.e
, ignoring the effects of file-sharing programs), how would this change affect the retail market for new music CDs? A) Demand for CDs would increase, causing equilibrium price and quantity to increase. B) The supply of CDs would increase, causing equilibrium price to decrease and equilibrium quantity to increase. C) Demand for CDs would decrease, causing equilibrium price and quantity to decrease. D) The supply of CDs would decrease, causing equilibrium price to increase and equilibrium quantity to decrease.