Which of the following is an example of a durable strategy undertaken by firms to prevent competition?
a. Purchasing the latest technology available in the market
b. A firm spending huge sums on advertisements.
c. Selecting a unique location for carrying out operation
d. Identifying a competent sales force
C
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If capital is specific to manufacturing and land is specific to agriculture, then migration of labor from lowincome to highincome countries will cause:
a. the wage to rise in the highincome country and the wage to fall in the lowincome country. b. the wage to fall in the highincome country and the wage to rise in the lowincome country. c. the wage to rise in both the highincome and low income countries. d. the wage to fall in both the highincome and low income countries.
The failure of private incentives to provide adequate maintenance of public resources leads to the tragedy of the commons
a. True b. False Indicate whether the statement is true or false