A trademark is
A) a legal instrument which grants a firm the right to differentiate its product.
B) a legal right to position a firm's product in high-traffic public areas such as airports and post offices.
C) a distinguishing attribute such as a sign or logo that allows a firm to uniquely identify its product.
D) a patent on a firm's product.
C
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The typical developing country will not have
a. computers b. older people c. a high proportion of college graduates d. a well-developed culture e. all of the above
Which of the following suggests that people have no control over the number of hours they work?
a. Most workdays last from 8 a.m. to 5 p.m. b. People make use of the opportunity for overtime. c. People make use of the opportunity to moonlight. d. People make use of early retirement options. e. Many workers hold more than one job.
The average total cost of production is measured by
a. average variable cost + average fixed cost b. fixed cost + variable cost c. average variable cost – average fixed cost d. marginal cost + variable cost e. fixed cost + marginal cost
A decrease in the price of capital relative to the price of labor is likely to result in a substitution of capital for labor in the production process
a. True b. False Indicate whether the statement is true or false