When the government grants an inventor a patent
A) he has the exclusive right to make, sell or use his invention for 5 years.
B) the protection of a current invention would increase spending on R&D.
C) the patent holder has less incentive to invest in R&D because one successful invention removes the need to develop others.
D) the patent holder is guaranteed a profit on his invention.
B
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Allocative efficiency is achieved when
A) firms produce the goods and services that consumers value most. B) firms produce goods and services at the lowest cost. C) there are no shortages or surpluses in the market. D) goods and services are fairly distributed among consumers in an economy.
A monopolistically competitive firm earning profits in the short run will find the demand for its product decreasing and becoming more elastic in the long run as new firms move into the industry until
A) the original firm is driven into bankruptcy. B) the firm's demand curve is perfectly elastic. C) the firm exits the market. D) the firm's demand curve is tangent to its average total cost curve.
Graphically, market demand for a product:
A. is the horizontal difference of the individual demand curves. B. is the horizontal sum of the individual demand curves. C. is the vertical difference of the individual demand curves. D. is the vertical sum of the individual demand curves.
John earned a PhD in biomedical engineering, and works full-time as a faculty member at the local university. He also does some private consulting work on the side. He would like to give up teaching and do consulting full-time, but he fears there isn't enough demand for it. The best way to describe John is to say he is:
A. a discouraged worker. B. underemployed. C. overemployed. D. employed.