Even in the United States, not all allocation is carried out in a market because, in some cases, people
Answer: Do not like the market outcome.
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Refer to the table below. If the attorney reviews 53 patents, what is the expected cost of infringement?
The above table shows the quantity of patents reviewed by a firm's attorney and the corresponding probability that the firm will infringe on another firm's patent. The cost of infringement is $50,000.
A) $2,000
B) $35,000
C) $50,000
D) -$35,000
When there is no Equilibrium (or no Nash Equilibrium), we expect that:
a. the firms end up in the cooperative strategy. b. a firm will follow a randomized strategy. c. a firm will not care what it does. d. a firm will very likely have a dominant strategy.
A monopoly firm can sell its fourth unit of output for a price of $250 . In order to sell more than five units, it must expect to receive a price:
a. equal to $250. b. greater than $250. c. less than $250. d. equal to $340. e. the price is impossible to calculate with the information given.
The term efficiency involves achieving a goal as:
A. well as possible. B. quickly as possible. C. cheaply as possible. D. steadily as possible.