Collaborative research is especially important in high-technology sectors because a single firm might not have the resources to develop a significant innovation

What happens to a monopolistically competitive firm that begins to charge an excessive price for its product?

a. The firm will go out of business. b. Consumers will substitute a rival's product. c. Consumers will boycott the product. d. The government will regulate the price.

The current slowdown in productivity growth afflicting most of the industrialized countries is commonly thought to have begun around

A) 1897. B) 1929. C) 1948. D) 1973. E) 1984.