When a firm invests in new technology, it expects to make a profit and thus receive a private benefit. However, ____________ can also be attained if the dollar value of all benefits of a new product or process invented by a company can be captured by other firms and by society as a whole.
a. additional profits
b. social benefit
c. nonrivalrous results
d. nonexcludable benefits
b. social benefit
Social value is defined as the dollar value of all benefits of a new product or process invented by a company that can be captured by other firms and by society as a whole.
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What is the average cost per unit for producing 3 units? a. 200. b. 260. c. 70
d. 110.
If you look at a graph depicting fluctuations in the U.S. economy (a record of its sequential business cycles), many of its peaks or prosperity phases seem to be associated with
a. economic, social, and political stability as well as peace b. low unemployment and low prices c. high unemployment and low prices d. periods of military engagement e. less government involvement in the economy
Which of the following will not cause the aggregate supply curve to fall?
a. A decrease in the nation's average price level (i.e., the implicit price index). b. An increase in input prices. c. A decrease in the value of the domestic currency. d. Natural disasters. e. None of these answers is correct.
A natural monopoly occurs when
a. the product is sold in its natural state, such as water or diamonds. b. there are economies of scale over the relevant range of output. c. the firm is characterized by a rising marginal cost curve. d. production requires the use of free natural resources, such as water or air.