A) is rooted in the independent advance of science, an element largely external to the market system.
B) is rarely carried out by oligopolists or pure monopolists.
C) is an internal element of capitalism, occurring in response to profit incentives.
D) necessarily destroys existing monopoly power.
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A) limiting the direct imitation of the product by rivals for many years.
B) enabling the firm to retain "trade secrets" about the product.
C) reducing the firm's legal expenses.
D) increasing the speed of diffusion of the new product.
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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.
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A) laws of economics have been violated.
B) new product must have increasing, not diminishing, marginal utility.
C) existing products were being produced at a loss.
D) new product has a lower price than the existing substitute products.Difficulty: 02 Medium
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A) It is more or less equally distributed between innovation, invention, and basic research.
B) Well over half is dedicated to innovation and imitation.
C) The largest share is for basic research, as it provides the foundation, followed by invention and then innovation.
D) The majority is spent on applied research.
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A) patents.
B) trademarks.
C) imitation by others.
D) trade secrets.
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A) the number of firms in the industry is far more important than the industry's scientific character and extent of technological opportunities.
B) the greater an industry's concentration ratio, the higher are its R&D expenditures in relation to sales.
C) the industry's scientific character and extent of technological opportunities often are more important than the industry's concentration ratio.
D) the higher the industry's interest cost of borrowing funds for R&D, the greater is the industry's progressiveness.
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A) innovation.
B) imitation.
C) invention.
D) infusion.
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A) expected rate of return is zero.
B) expected rate of return equals the interest rate.
C) expected rate of return exceeds the interest rate by the greatest amount.
D) the interest rate is constant.
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A) Social Security
B) defense
C) Medicare
D) research & development
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A) invention, basic research, innovation
B) invention, innovation, basic research
C) innovation, invention, basic research
D) basic research, invention, innovation
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A) their own bosses.
B) executive officers of corporations.
C) salaried managers.
D) working for research institutes.
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A) invention, duplication, and diffusion.
B) duplication, innovation, and diversity.
C) invention, innovation, and diffusion.
D) necessity, invention, and solution.
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A) forming start-up businesses.
B) getting hired as the top executive of an established company.
C) exploiting university and government scientific research.
D) anticipating the future in pursuit of both monetary and nonmonetary rewards.
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A) TC = $4,000; ATC = $4.00
B) TC = $8,000; ATC = $5.00
C) TC = $12,000; ATC = $6.00
D) TC =$15,000; ATC = $8.00
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