Allowing an inventor to have the exclusive rights to market her new invention will lead to (i) a product that is priced higher than it would be without the exclusive rights. (ii) desirable behavior in the sense that inventors are encouraged to invent. (iii) higher profits for the inventor
a. (i) and (ii) only
b. (ii) and (iii) only
c. (i) and (iii) only
d. (i), (ii), and (iii)
d
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Assume a firm is operating under conditions of pure competition and faces a marginal cost function that is everywhere below its average total cost
If the firm is producing where marginal revenue equals marginal cost will it be possible for it to make an economic profit? Explain.
A decrease in the reserve requirement would:
A) decrease excess reserves and reflect an expansionary monetary policy. B) decrease excess reserves and reflect a contractionary monetary policy. C) increase excess reserves and reflect an expansionary monetary policy. D) increase excess reserves and reflect a contractionary monetary policy.
Which of these statements best describes a flow variable?
a. An economic variable that measures something at a particular point in time b. An economic variable whose value is determined by the market c. An economic variable that is measured per unit of time d. An economic variable whose value shows no change over time e. An economic variable that remains static when other related variables change
Variance, Ltd decides to leave a market for 6 months and then reassess its operations. This is an example of a firm ______.
a. marginalizing efficiency b. allocating efficiency c. shutting down d. exiting the market