Innovations that lower production costs or create new products:
A. are rare in competitive industries.
B. discourage new firms from entering the industry.
C. often generate short-run economic profits that do not last into the long run.
D. usually generate long-run economic profits for the innovator.
Answer: C
Economics
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Cash held by the public, excess reserves kept by banks, and a high required reserve ratio will increase the amount of new money created by an initial increase in excess reserves
Indicate whether the statement is true or false
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