If a more efficient technology was discovered by a firm, there would be:

Related MCQs

• In game theory, a situation in which one firm can gain only what another firm loses is called a
• Which would be an implicit cost for a firm? The cost:
• If there is excess capacity in a production facility, it is likely that the firm’s supply curve is:
• When a firm doubles its inputs and finds that its output has more than doubled, this is known as:
• A firm that considers the potential reactions of its competitors when it makes a decision
• In game theory, a choice that is optimal for a firm no matter what its competitors do is referred to as
• A firm may decide to increase its scale so that it has excess production capacity because, by doing so, it is able to
• A firm that is threatened by the potential entry of competitors into a market builds excess production capacity. This is an example of
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