The process by which new products and methods of production are continuously replacing old ones is known as
a. the invisible hand principle.
b. the production possibilities frontier.
c. creative destruction.
d. the fallacy of composition.
C
Economics
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Freedom of economic choice is one of the chief advantages of a
a. market economy b. command economy c. communist economy d. traditional economy
Economics
A monopoly will be maximizing profits if it is operating at the point where:
a. price is at a maximum. b. average cost is at a minimum. c. average cost is at a maximum. d. marginal cost is at a minimum. e. marginal revenue = marginal cost.
Economics