Creative destruction is not automatic because:
A. there are major obstacles to the entry of new innovative firms into concentrated industries.
B. consumer tastes are highly unstable.
C. corporate takeovers increase dynamic competition.
D. large firms rarely are technologically progressive.
Answer: A
Economics
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Tariffs and quotas create a loss in social welfare because
A) producer surplus declines. B) revenues from tariffs are misspent. C) consumer surplus declines. D) All of the above.
Economics
A country that is a member of the World Trade Organization
A) can use tariffs and quotas to limit trade. B) can establish preferential trading arrangements with other countries. C) is allowed to eliminate all of its tariffs and quotas. D) All of the above.
Economics