The Eclectic Paradigm Has Been Championed by the British Economist

question 14

Multiple Choice

The eclectic paradigm has been championed by the British economist ______________.

• A) John Dunning
• B) Edward Luty
• C) William Spencer
• D) Andrew Ferguson
• E) Francis Knockerbocker

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Definitions:

Oligopolists

Firms or entities that dominate an industry or market in an oligopoly, where a small number of companies have significant market power and influence over prices and output.

R&D

Research and development; activities undertaken by companies or governments to innovate and introduce new products or services.

Entry Barriers

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business, potentially including high startup costs, stringent regulations, or strong brand loyalty among consumers.

Patent

An exclusive right given to inventors to produce and sell a new product or machine for 20 years from the time of patent application.