The longer a patent lasts,
A) the greater the potential economic profits available to an innovator.
B) the lower the deadweight loss.
C) the lower the average costs of production.
D) the less innovation there will be.
A
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The above figure graphs the price of a bushel of wheat and housing starts. The graph shows the variables are
A) strongly positively related. B) strongly negatively related. C) not related. D) related via an indirect relationshi
Given that the own-price elasticity of demand for shoes is -2.6, if the price of shoes rises by 8%, what will happen to the quantity of shoes demanded?
a. It will decrease by 20.8% b. It will increase by 20.8% c. It will decrease by 2.6% d. It will decrease by 2.6%
The competitive labor market model suggests that the persistence of significant employer discrimination requires the owners of the firm to
A. engage in collusion. B. hire a quantity of labor in which VMPL exceeds the wage rate. C. supply capital at a rate of return below what could be earned elsewhere. D. supply capital at a rate of return higher than what they could earn by investing their money elsewhere.
An annual income statement from Quest Realty, Inc. is shown below:
During this year of operation, Quest Realty owned and occupied an office building in downtown Indianapolis. For this year, the building could have been leased to other businesses for $2,000,000 in lease income. Quest Realty also owned undeveloped land valued at $15,000,000. Owners of Quest Realty can earn a 14% rate of return annually on funds invested elsewhere.Total implicit costs of using owner-supplied resources for Quest Realty for this year are
A. $19,000,000 B. $41,000,000 C. $4,100,000 D. $38,200,000 E. none of the above