Which of the following does PE represent?
a. equilibrium price
b. price ceiling
c. binding price
d. shortage price
a. equilibrium price
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Suppose a trade secret's owner has successfully proven in court that an infringer has illegally used the trade secret. If the trade secret's owner has lost $10 million in profits because of the infringement and the infringer has earned $6 million in profit as a result of illegally using the trade secret, the trade secret's owner will be awarded ________.
A) $4 million B) $10 million C) $16 million D) $6 million
A firm gets less efficient as it gets bigger, if it is experiencing:
a. economies of scale. b. constant returns to scale. c. increasing returns to factors. d. diseconomies of scale. e. a period of post war recovery.
The case of production with a single variable input is analogous to
a. changing the use of land, labor, and capital in production by a constant absolute amount. b. a controlled laboratory experiment in which the scientist permits one variable to change at a time. c. changing the use of land, labor, and capital in production by a constant percentage. d. specialization in one particular product by a company.
Anything can be money if it acts as a:
a. medium of exchange. b. All of the answers must be correct. c. store of value. d. unit of account.