The height of the demand curve at any quantity indicates
a. total expenditure on the good or service
b. total revenue to the seller of the good or service
c. whether the price is fair or not
d. how much that particular unit is worth to the person who buys it
e. how much the person who buys that unit actually pays for it
D
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A patent is a(n)
a. government grant to an innovating firm of monopoly privilege in the production of a good or the use of a technology for a 17-year period b. annual award of monopoly privilege to a firm for the most creative invention of the year c. payment from the government to a firm for the most creative invention of the year d. grant of perpetual monopoly rights to a firm issued by the government e. expression of monopoly power in a monopolistically competitive industry
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Competitive markets usually promote the efficient use of resources. This is because
A. resource owners bear the wealth effects of their decisions. B. markets usually make equitable choices first. C. consumers price makers D. managers always have the proper incentives to make decisions.
The fact that high-income earners tend to earn a higher percentage of their incomes from rent and dividends, in contrast to low-income earners, make the payroll taxes:
A. More progressive B. Proportional C. More regressive D. A flat tax