A mechanism for reallocating risk is:
A. risk pooling.
B. dividend pooling.
C. risk premiums.
D. None of these statements is true.
A. risk pooling.
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product0015220332442550655758858956Marginal product is zero when the total product is
A. 58. B. 5. C. 0. D. 56.
Which of the following is NOT correct about patents?
A) Patents encourage invention of new products. B) Patents stimulate innovation. C) A patent is a barrier to entry. D) Patents enable a firm to be a permanent monopoly. E) Patents are granted to the inventor of a product or service.
Perfect competition ________ an efficient outcome because ________
A) achieves; total surplus is maximized B) achieves; marginal benefit equals marginal cost C) does not achieve; firms do not get to choose their price D) does not achieve; firms produce goods with perfect substitutes E) Both A and B are correct.
Opening trade between nations enables each nation's consumption possibilities to go beyond the confines of its own production possibilities curve
a. True b. False Indicate whether the statement is true or false