When a firm is awarded a patent, it is given monopoly rights to the production of that product for ________ years.
A. 10
B. 20
C. 30
D. 50
Answer: B
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Johnny owns a house that would cost $100,000 to replace should it ever be destroyed by fire. There is a 0.1% chance that the house could be destroyed during the course of a year. Johnny's utility function is U = W0.5
How much would fair insurance cost that completely replaces the house if destroyed by fire? Assuming that Johnny has no other wealth, how much would Johnny be willing to pay for such an insurance policy? Why the difference?
A perfectly elastic demand curve for a firm
a. is represented by a vertical line. b. means that with every unit price increase there will be a unit decrease in demand. c. is formulated by P × Q = a constant, for all prices and quantities. d. indicates that any increase in price will eliminate all purchases of its product.
Keynesian belief that the aggregate supply curve is relatively flat in the short run means that they expect their policies to cause
a. small increases in output and much inflation. b. small increases in output and little inflation. c. large increases in output and little inflation. d. large increases in output and much inflation.
Externality arises when a car causes air pollution
a. True b. False Indicate whether the statement is true or false