A patent gives a single person or firm the exclusive right to sell some good or service forever
a. True
b. False
Indicate whether the statement is true or false
False
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At an equilibrium price, quantity demanded
A. exceeds quantity supplied. B. equals quantity supplied. C. is less than quantity supplied. D. Any of the above is possible.
Identify two reasons why an individual's labor supply curve is typically upward-sloping.
What will be an ideal response?
If long-run economic losses are being experienced in a competitive market,
A. More firms will enter the market. B. Equilibrium price will rise as firms exit. C. Normal profit will fall to zero as firms enter. D. The market supply curve will shift to the right.
There is no incentive for additional producers of an information product to enter the industry when the price charged for these products by each firm already in the industry is equal to
A. marginal cost. B. average total cost. C. average variable cost. D. average fixed cost.