Patents and copyrights were established by the government to reduce oligopoly and monopoly power.
Answer the following statement true (T) or false (F)
False
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Does the proprietor of a grocery store who owns the building in which his business is located have lower costs than a grocery store proprietor who must pay rent for the building in which his store is located?
A) No, because no two businesses will be exactly the same. B) No, because the owner-proprietor loses the rent he could otherwise have been paid. C) Yes, because he can afford to set lower percentage markups. D) Yes, if the cost saving is not offset by higher expenses in other areas.
A customs union is an organization of nations whose members:
a. have impenetrable trade barriers among themselves but impose no trade barriers on nonmembers. b. have no trade barriers among themselves but impose common trade barriers on nonmembers. c. have no trade barriers among themselves but each member country chooses its own trade policies with nonmember countries. d. retaliate each other by raising reciprocal tariffs and calling for fair trade. e. neither have trade barriers among themselves nor impose any restriction on the nonmember countries.
Economists ordinarily favor setting price equal to marginal cost when this option is feasible.
Answer the following statement true (T) or false (F)
________________ is defined as "an unconscionable or exorbitant rate of interest."
Fill in the blank(s) with the appropriate word(s).