If new firms enter a perfectly competitive industry seeking economic profit and begin producing goods, which of the following will occur?
a. The market supply curve will shift leftward with movement along an unchanged demand curve.
b. The market supply curve will shift rightward with movement along an unchanged demand curve.
c. The market supply and demand curves will both shift to the left.
d. The market supply and demand curves will both shift to the right.
e. There will be movement down and to the right along a fixed supply curve.
B
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To qualify for patent protection, an invention must meet all of the following statutory criteria except which one?
A) novelty B) usefulness C) nonobviousness D) interest
Which of the following is a predictable, secondary effect of a sharp increase in gasoline prices?
A) The federal government will place a quota on the number of fuel-efficient cars for sale, thus "forcing" consumers to purchase the gas guzzling vehicles. B) Producers will increase the production of fuel-efficient cars. C) the termination of research on the cost-effectiveness of alternative fuels to power automobiles. D) Producers will increase the production of gas guzzling vehicle
Members of the Board of Governors of the Federal Reserve are
A. appointed by the president of the United States. B. appointed by the Treasury Secretary. C. appointed by the outgoing chairman of the Board of Governors and confirmed by Congress. D. elected by the stockholders of the eight largest banks in the United States.
While economic regulation applies to ________ industries, social regulation applies to ________ firms
A) particular; individual B) particular; all C) all; individual D) utility; healthcare