Inventors often obtain patents on new products and processes, thereby turning new ideas into
a. private goods and increasing the incentive to engage in research.
b. private goods but decreasing the incentive to engage in research.
c. public goods and increasing the incentive to engage in research.
d. public goods but decreasing the incentive to engage in research.
a
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The marginal cost curve:
A. intersects the average cost curve from above at the efficient scale of production. B. lies below the average cost curve. C. intersects the average cost curve from below at the highest point on the average cost curve. D. intersects the average cost curve from below at the efficient scale of production.
For two goods, A and B, the rational spending rule is expressed as:
A. MUA = MUB. B. (MUA/PA) = (MUB/PB). C. MUA × MUB = PA × PB. D. (MUA/PB) = (MUB/PA).
Show how the profit-maximizing rule for hiring resources is equivalent to the cost-minimizing rule
What will be an ideal response?