What do economists mean by "reverse engineering"?
A. A modification of old technology
B. Taking a product apart in order to copy its design
C. A decision to adopt an old technology rather than a new one
D. Modification of existing machines so that they can be run by handicapped persons
Answer: B
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In the short run, monopolistically competitive firms:
A. can earn positive economic profits by acting like a monopolist. B. can earn positive economic profits by acting like a perfectly competitive firm. C. will earn zero economic profits by acting like a monopolist. D. will earn zero economic profits by acting like a perfectly competitive firm.
The firm's demand for labor curve is exactly the same as the:
a. wage rate. b. price of the output. c. MRP curve. d. MP curve. e. labor supply curve.
If one country can produce a good with fewer resources than another country, this is called:
A. specialization. B. geographic advantage. C. comparative advantage. D. absolute advantage.
Suppose a monopolist's demand curve is P = 60 - Q, its cost function is TC = 10Q + 50, and its marginal cost is 10. If a governmental agency wished to set the price so that it created the smallest deadweight loss without causing the monopolist to have negative economic profits, this price would be
A) $10.00. B) $11.02. C) $14.57. D) $35.00.