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Bizhelp, CPA
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8.The competitive market system Answer encourages innovation

Customer Question

8.The competitive market system:
Answer

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:
Answer

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?
Answer

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.
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