A firm charges each customer the highest price that customer will pay for the marginal unit under
a. perfect competition
b. oligopoly
c. monopolistic competition
d. single-price monopoly
e. perfect price discrimination
E
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A patent is a government protection that gives
A) monopolies the right to be sole producers due to economies of scale. B) consumers the right to sue when products are unsafe. C) companies the right to produce any good they choose. D) inventors exclusive rights to their product for a time.
To raise the United States' rate of economic growth, we need more and better _______ as well as more and better ________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is FALSE?
A) At the end of the twentieth century, more and more traded goods and services incorporated specialized knowledge and unique ideas. B) Pharmaceuticals, computer hardware, telecommunications equipment, and other high technology products are valuable because of the innovation and research they incorporate. C) Developing countries usually strongly advocate the protection of intellectual property rights. D) The protection given to creators and innovators varied greatly internationally until standardization began with the signing of the TRIPs agreement.
Refer to the above figure. A movement from B to D would be a result of
A. an increase in labor productivity. B. an increase in government expenditures. C. an increase in the marginal income tax rate. D. an increase in the quantity of money in circulation.