Legal protections against competitors producing and selling a product identical to the one you invented are called _________; legal protections against competitors using your product's name are called __________
A. patents; trademarks
B. trademarks; copyrights
C. copyrights; patents
D. trademarks; patents
Answer: A
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If hiring the 7th worker increases total product by 5 units and the price of each unit is $2,
a. the firm should not hire the 7th worker as MB
Budget maximization by bureaus leads to
a. efficient budgets b. budgets greater than those desired by median voters c. budgets less than those desired by median voters d. budgets equal to those desired by median voters e. budgets less than those desired by the majority of voters
If Chris pays $500 for a bond that will return $750 in one year, what is the interest rate?
a. 50 percent b. 10 percent c. 25 percent d. 250 percent e. 33 percent
An example of a firm's fixed cost would be the
a. monthly rent it pays based on a multiple-year lease b. cost of employing labor c. quantity of inventory it accumulates d. raw materials used in production e. cost of shipping the goods it produces