According to Joseph Schumpeter,most real world markets are characterized by:
A)small perfectly competitive businesses
B)large perfectly competitive businesses
C)small oligopolistic businesses
D)large oligopolistic businesses
E)large monopolies

Question

Quizplus · Accepted Answer

According to Joseph Schumpeter, most real-world markets are characterized by large oligopolistic businesses. Schumpeter believed that economies go through cycles of innovation and that large firms with market power are better equipped to fund and undertake innovations than smaller firms. Therefore, in his view, oligopolistic markets are crucial for economic growth and development.

According to Joseph Schumpeter,most Real World Markets Are Characterized By