It has been suggested by some economists that rent seeking activity often occurs within families, particularly when an inheritance is involved

Recent research has shown that the first firm to enter a market often does not have a long-term advantage over later entrants into the market. An example that has been used to illustrate this is

A) Xerox, which became a generic term for making photocopies. B) McDonald's entry into the high-end coffee market. C) the introduction of the first ballpoint pen in 1945. D) Abercrombie and Fitch, which was the first clothing company to market to young men.

Private goods are excludable and nonrival in consumption

a. True b. False