Patent laws establish property rights for new goods
a. for 10 years
b. for 20 years
c. for 5 years
d. until a better product comes along
e. until the firm goes out of business
B
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Total variable costs: a. are costs associated with short-run fixed capital
b. are so named because they vary from firm to firm within an industry. c. increase as production increases. d. decrease as production increases.
The price of wheat used to make cereal has increased. At the same time, the price of milk (a compliment good) has decreased. Given these two events, what do you expect to happen to the equilibrium price and quantity of cereal?
What will be an ideal response?
One implication of human capital theory is that college graduates should earn substantially less than high school graduates.
Answer the following statement true (T) or false (F)
In the United States, the class system is a:
A. triangle, and in most developing countries the class system is a diamond. B. pentagon, and in most developing countries the class system is a diamond. C. pentagon, and in most developing countries the class system is a triangle. D. triangle, and in most developing countries the class system is a triangle.