A justification for patents is that without patents consumer surplus would be
A) larger than with the patent.
B) zero since the product would not be invented.
C) only slightly smaller than with the patent.
D) zero since the monopoly would be a revenue maximizer.
B
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When economists model a game with three players instead of two, what is different about the payoff matrix and the payoffs listed in each cell of the matrix?
What will be an ideal response?
Who of the following would be included in the Bureau of Labor Statistics' "unemployed" category?
a. Juan Carlos, a full-time student who is not looking for work b. Kevin, who is on temporary layoff c. Andrea, who has retired and is not looking for work d. All of the above are correct.
If a nation with a low level of GDP per capita converges to a richer nation, the poor nation:
A. experiences low growth rates. B. enters into a free trade agreement with the richer nation. C. experiences a rate of high growth such that its GDP per capita increases to that of the richer nation. D. experiences a rate of low growth such that its GDP per capita increases to that of the richer nation.
Refer to Exhibit 2-1. Scarcity exists
 ANSWER 3.png)