How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Bizhelp Your Own Question
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5884
Experience:  Bachelors Degree and CPA with Accounting work experience
Type Your Homework Question Here...
Bizhelp is online now
A new question is answered every 9 seconds

8.The competitive market system Answer encourages innovation

Customer Question

8.The competitive market system:

encourages innovation because government provides tax breaks and subsidies to those who develop new products or new productive techniques.

discourages innovation because it is difficult to acquire additional capital in the form of new machinery and equipment.

discourages innovation because firms want to get all the profits possible from existing machinery and equipment.

encourages innovation because successful innovators are rewarded with economic profits.

9.The advent of DVDs threatens to eventually demolish the market for videocassettes. This is an example of:

creative destruction.

derived demand.

capital accumulation.

the difference between normal and economic profits.

10.Which of the following is a fundamental characteristic of the market system?

property rights.

central planning by government.

unselfish behavior.

government-set wages and prices.
Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Bizhelp and other Homework Specialists are ready to help you

Related Homework Questions