A patent on a new product benefits the firm securing it by:
A. limiting the direct imitation of the product by rivals for many years.
B. enabling the firm to retain "trade secrets" about the product.
C. reducing the firm's legal expenses.
D. increasing the speed of diffusion of the new product.
Answer: A
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Refer to Table 4-14. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. The equilibrium price and quantity for Pauline's Pickled Pomegranates are $30 and 15 thousand units. What is the value of consumer surplus?
A) $50 thousand B) $112.5 thousand C) $225 thousand D) $337.5 thousand
The demands for labor and other input factors are called
A) derived demands, because the demand for these inputs depends on the demand for goods and services they are employed to produce. B) developed demands, because the demand for these inputs is developed from an analysis of the costs of advertising products. C) indirect demands, because the demand for these inputs is indirectly related to the costs of advertising products. D) reverse demands, because the demand for these inputs varies inversely with the demand for goods and services they are employed to produce.
A nation can accelerate economic growth by increasing its production of consumer goods
a. True b. False Indicate whether the statement is true or false
Exhibit 11-6 Aggregate demand and supply model
In Exhibit 11-6, if the aggregate demand curve is at AD1, the government should:
A. raise taxes to move to AD2. B. cut taxes to move to AD2. C. cut taxes to move to AD3. D. cut spending to move to AD2.