When your textbook authors say competition "can be recognized only in motion pictures, not in still photographs," they mean
A) Hollywood is a competitive industry; portrait photography is non-competitive.
B) competition is better described as a process, rather than a fixed state of affairs.
C) competitors don't sit still.
D) competition didn't exist before the advent of motion picture technology.
B
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A mezzanine fund
A) will never buy equity in a company. B) may buy only equity in a company. C) may buy a combination of equity and convertible debt in a company. D) may buy a combination of equity and straight debt in a company.
If a large increase in the wage rate leads to a net increase in the use of capital by a firm, then
A. the substitution effect outweighed the output effect. B. the output effect outweighed the substitution effect. C. the substitution and output effects are equal. D. there is no way to estimate the relative size of the substitution and output effect.