A factory, mine, store, or warehouse that performs one or more functions in making and distributing goods and services is:
A. a plant.
B. an industry.
C. a firm.
D. a corporation.
Answer: A
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For patents to be effective
A) small networks. B) network externalities must be realized. C) property rights need to be enforced. D) there needs to be fewer economies of scope.
Producers' political power and strong stake in the regulatory outcome lead them, in effect, to control the regulating agency and prevail on it to serve producer interests is called the:
a. capture theory of regulation b. tying contract c. exclusive dealing d. interlocking directorate
According to the simple quantity theory of money in the AD-AS framework, when the money supply decreases, the result is __________ in Real GDP and __________ in the price level
A) no change; no change B) a rise; no change C) no change; a rise D) a rise; a fall E) no change; a fall
Joe trades an apple to Winston for two oranges. Because the exchange is voluntary, we can conclude that
a. Joe is better off because he gets two things but Winston is worse off because he gives up more items than he receives. b. Winston is better off because he gives more than he receives. c. both Joe and Winston are worse off. d. both Joe and Winston are better off.