The demand for computers has risen dramatically at the same time that the unit cost of production has decreased. As a result, we can expect
a. a decrease in price and no predictable impact on output.
b. a definite decrease in price and increase in output.
c. an increase in output with no predictable change in price.
d. no predictable changes in either price or output.
c
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A musician was guaranteed by the government that no one else could replicate or sell his music CDs. This is an example of a:
A) brand. B) patent. C) copyright. D) trademark.
Which of the following best describes the foreign exchange market? It is a market where one country's
a. exports are traded for another country's imports b. currency is traded for that of another c. goods are traded for another country's services d. imports are traded for another country's exports e. services are traded for another country's goods
The "prisoner's dilemma" is a result of
a. differentiated products b. large number of participants c. game theory d. certain outcomes e. open market entry
If protective import-restricting tariffs are imposed by a country, in the majority of cases that nation's consumers end up
A. paying a higher price and consuming less of the good than they otherwise would. B. paying a lower price and consuming less of the good than they otherwise would. C. paying a lower price and consuming more of the good than they otherwise would. D. paying a higher price and consuming more of the good than they otherwise would.