At the 3 M Company,scientists Are Told to Spend 15

question 4

Multiple Choice

At the 3 M Company,scientists are told to spend 15% of their working time on things that are not part of their "normally assigned tasks." That is,they are to experiment with materials in attempts to "come up with" new products;to be very creative. This is know as

• A) theory building.
• B) entrepreneurship.
• C) engine of economic growth.
• D) social change.
• E) intrapreneurship.

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Definitions:

Allocative Efficiency

A state of resource allocation where resources are distributed according to consumer preferences, often considered an optimal distribution of goods and services.

Prisoners' Dilemma

A scenario in game theory that demonstrates why two rational individuals might not cooperate, even if it appears that it is in their best interest to do so.

Repeated Games

A strategic situation in which the same game is played several times by the same participants, allowing for the development of strategies based on past outcomes.

Contestable Markets Model

An economic concept suggesting that a market is competitive if entry and exit costs are low, even if it is dominated by a few firms.