"Creative destruction" is the name given to: Select one or more: O a. The process of destroying technology as in the case of the Luddités. O b. The process by which new technologies are introduced to replace older, less profitable technologies. O c. Increasing competition in a market as the number of firms increases. O d. The process of preserving old technologies to protect disappearing ways of life.

"Creative destruction" is the name given to: Select one or more: O a. The process of destroying technology as in the case of the Luddités. O b. The process by which new technologies are introduced to replace older, less profitable technologies. O c. Increasing competition in a market as the number of firms increases. O d. The process of preserving old technologies to protect disappearing ways of life.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 2PA

See similar textbooks

Similar questions

Which of the following is a macroeconomics question? Select one: a. Why does a firm decide to enter a particular market? Ob. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? O c. Should the government prevent the merger of two large firms? Od. Should we have a constitutional amendment to balance the federal budget?
In what sense is profit a cost of production? Select one: O a. Profit levels in each industry are regulated by the government. b. Profit is a subcategory of cost of goods sold and is listed on most accounting statements. O c. Profit arises from the exploitation of labor and is one cost of having a capitalist economic system. O d. Unless firms can pay themselves (their owners) enough profit to stay in a particular business, the owners will take their resources and go into another business. Check s page Finish attempt ... Unit 4 Solutions Jump to... HW Unit 4 DUE March 3 ► MacBook Pro G Search or type URL $ 4 く C
In perfect competition_______. Select one: a. demand for the good or service is small relative to the minimum efficient scale of a single producer. b. the size of demand for the good or service relative to the minimum efficient scale of a single producer does not affect competition. c. demand for the good or service can be small relative to the minimum efficient scale of a single producer as long as the goods or services are not identical. d. demand for the good or service is large relative to the minimum efficient scale of a single producer.
Hand written otherwise i'll downvote..fast plzzzzzzzzz
A business normally produces and sells as much as demand allows. However, sometimes is constrained by some limiting factors. And if the business makes more than one product. What are the limiting factors and how does the business determine the profit-maximizing production mix?
Explain how businesses could overcome the limitations of ‘traditional solutions’.
The cost of a trade-off is known as the of that decision. a. opportunity cost b. marginal cost C. comparative cost d. explicit cost е. net cost
I need full explanation to these questions 1. According to the text, economic profit serves as a beacon to entrepreneurs. This means a. A positive economic profit sends a warning to investors not to invest more. b. A negative economic profit sends a signal to investors that it is time to invest more. c. A zero economic profit sends a warning to investors not to invest more. d. A positive economic profit attracts resources while a negative economic profit sends resources away. e. None of the above. 2. The difference between economic profit and accounting profit is a. Average costs b. Direct costs c. Economic costs d. Variable costs e. Marginal costs
8. “Creative destruction” is the process by which:a. Old buildings are demolished and new ones are build in their place.b. Old sources of competitive advantage are displaced by new ones.c. Old skills become obsolete and new ones develop in their place.d. Old technologies are replaced by new ones.
Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate. Hours Needed Amount Produced To Make 1 in 40 Hours mixer toaster 8 5 10 mixers 5 2 toasters 8 4 Maya Miguel ? Maya should specialize in the production of O a. mixers and Miguel should specialize in the production of toasters. O b. toasters and Miguel should specialize in the production of mixers. O c. neither good and Miguel should specialize in the production of both goods. O d. both goods and Miguel should specialize in the production of neither good.
9. The Shellfish Shack produces only shrimp and oysters. The table below shows the maximum possible output combinations of the two types of shellfish using all resources and currently available technology. a. b. C. Possible Output Combinations A B C D E F G H Shrimp (thousands of pounds) 35 30 25 20 15 10 5 0 Oysters (thousands of pounds) 0 20 35 47 57 64 68 70 Suppose The Shellfish Shack is currently producing at point E. What is the opportunity cost of producing an additional 11,000 pounds of oysters? Suppose The Shellfish Shack is currently producing at point E. What happens to the opportunity cost of producing more and more shrimp? Does it increase, decrease, or remain constant? Explain your answer by using the data on the table. Suppose The Shellfish Shack is currently producing at point B. What happens to the opportunity cost of producing more and more oysters? Does it increase, decrease, or remain constant? Explain your answer by using the data on the table. d. Suppose The…
2. Explain economies of scope and provide an example.