When an entrepreneur introduces a new improved product that is highly valued relative to cost
a. consumers will be worse off.
b. the demand for the products that are good substitutes for the new product will increase.
c. some of the existing products will become obsolete and businesses producing those products will fail.
d. total employment will decline if there are business failures.
C
Economics
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From 1979 to 2011, which country had the highest growth rate of GDP per hour of work?
a. Singapore b. United Kingdom c. France d. Japan
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In which of the following market structures do you find barriers to entry?
A. a monopoly B. a perfectly competitive market C. a monopolistic competition D. Both a monopoly and a perfectly competitive market are correct
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