Answer the following statements true (T) or false (F)
1. Creative destruction is something that our society should try to avoid, through government regulation of business.
2. Creative destruction entails both costs as well as benefits.
3. The costs of competition's creative destruction are often widespread, while the benefits often accrue to only a few.
4. Some economists are now proposing that patents may be detrimental to technological advance in industries with complicated multiple-component products.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
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What does annual economic growth refer to?
A) annual increases in GDP B) annual increases in consumption spending C) annual increases in investment spending D) annual increases in Real GDP E) none of the above
A perfectly price discriminating monopolist charges each buyer:
A. the perfectly competitive equilibrium price. B. exactly his or her reservation price. C. more than his or her reservation price. D. exactly his or her marginal cost.