The first discovery (as distinct from first commercial application) of a product or process is called:

The aggregate production function shows the quantity and quality of resources used in production given the efficiency with which resources are utilized and the prevailing technology

Indicate whether the statement is true or false

If a profit-maximizing monopolistic competitor earns positive economic profits in the short run: a. demand will become increasingly inelastic as new firms enter. b. the firm should increase its output as new firms enter

c. there must be barriers to entry into the industry. d. new firms will be attracted to the industry. e. both b. and d. are correct.