Why has the free market system produced the most rapid rates of growth of any economic system?
The features of competitive markets put pressure on businesses to do everything they can to contribute to growth. Innovation in particular is used by firms to compete with one another. Innovation has been perhaps the major factor in the rapid rate of output growth.
Economics
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Sergio's rentals of Blu-ray movies increase by 10 percent when her income increases by 30 percent. Based on this information, we know that for Sergio, Blu-ray movies
A) are complements. B) are substitutes. C) are inferior goods. D) have an inelastic demand. E) are normal goods.
Economics
The change in total revenue obtained by selling an additional unit of output is
a. average revenue b. business revenue c. marginal revenue d. overhead revenue e. profit margin
Economics