16 "Creative destruction" is the name given to: Select one or more: a. The process of destroying technology as in the case of the Luddites. b. The process by which new technologies are introduced to replace older, less profitable technologies. c. Increasing competition in a market as the number of firms increases. d. The process of preserving old technologies to protect disappearing ways of life. 17 A profit-maximising firm considers its marginal revenue (MR) and marginal cost (MC) functions. Which of the statements below is correct? Select one or more: a. If MR > MC, increase output to raise profits. b. If MC > MR, increase output to raise profits. c. If MC = MR, raise output to increase profits. d. If MC < MR, lower output to raise profits.

16 "Creative destruction" is the name given to: Select one or more: a. The process of destroying technology as in the case of the Luddites. b. The process by which new technologies are introduced to replace older, less profitable technologies. c. Increasing competition in a market as the number of firms increases. d. The process of preserving old technologies to protect disappearing ways of life. 17 A profit-maximising firm considers its marginal revenue (MR) and marginal cost (MC) functions. Which of the statements below is correct? Select one or more: a. If MR > MC, increase output to raise profits. b. If MC > MR, increase output to raise profits. c. If MC = MR, raise output to increase profits. d. If MC < MR, lower output to raise profits.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.2: Trade-offs

Problem 3R

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