A patent is a barrier to entry
A. that grants exclusive use of an invented product or process to the inventor.
B. that only allows use of an invented product or process to other companies within the industry.
C. that allows use of an invented product or process by everyone.
D. that grants exclusive use of an invented product or process to the government.
Answer: A
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In a monopoly, price is less than marginal revenue
Indicate whether the statement is true or false
The PE ratio for a stock is
A) the predicted earnings per share of the stock divided by its current yield. B) the current yield of the stock. C) the price of the stock divided by its earnings per share. D) the predicted volatility of the stock.
In the figure above, when the market is unregulated and in equilibrium, the deadweight loss is ________ thousand per month
A) $250 B) $125 C) $150 D) $50 E) zero
The fact that wage differentials continue to exist across different groups of workers leads economists to believe that
a. discrimination by customers is the most common type of economic discrimination. b. differences in human capital and job characteristics must be important in explaining the differences in wages. c. firms apparently are not profit maximizers. d. the market has failed to properly allocate wages to different workers.