Entrepreneurs in purely competitive industries
A) have no incentive to innovate because in the long run they will earn no economic profits.
B) innovate to lower operating costs and generate short-run economic profits.
C) utilize pricing strategies to generate short-run economic profits.
D) rarely try to innovate because of a lack of financial resources.
Correct Answer:
Verified
Q200: The difference between the maximum price a
Q201: Q202: Q203: If there is allocative efficiency in a Q204: Creative destruction is least beneficial to Q206: With the creation and growth of the Q207: The theory of creative destruction was advanced Q208: The "invisible hand" in a competitive market Q209: Innovations that lower production costs or create Q210: Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A)workers in
