The ________ nature of patents attempts to balance the social gain from the product against the ________.
A) temporary; competitive firm's economic profit from the product
B) permanent; competitive firm's economic profit from the product
C) temporary; deadweight loss to society
D) permanent; deadweight loss to society
C) temporary; deadweight loss to society
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Attempts to shield the poor from the worst results of adjustment programs involve
a. expenditure-switching policy b. absorption c. a social safety net d. conditionality e. all of the above
Refer to the table below. If Fresh Laundry is currently producing 2 quality units, to maximize profit, Fresh Laundry should ________ the number of quality units as the current quality marginal revenue is ________ than its marginal cost.
Fresh Laundry is a firm that produces laundry detergent. The table above summarizes Fresh Laundry's product quality marginal revenue and marginal cost at various quality levels.
A) increase; greater
B) decrease; greater
C) increase; less
D) decrease; less
In a price leadership situation, where one firm sets a price for others to follow, the leading firm is the one with the
a. largest market share b. highest quality good c. most elastic demand curve d. least elastic demand curve e. most efficient production
Refer to the information provided in Figure 7.9 below to answer the question(s) that follow. 
Figure 7.9Refer to Figure 7.9. The slope of isocost CD is
A. greater than the slope of isocost AB. B. less than the slope of isocost AB. C. equal to the slope of isocost AB. D. indeterminate from this information, as the prices of capital and labor are not given.