Historical note: All of the following were examples in the text of goods that had been patented except
a. penicillin
b. tabs on beer and soda cans
c. Polaroid's instant film camera
d. watercolor paint
e. Xerox's photocopier
D
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Refer to the figure above. Everything else remaining unchanged, at what rate will the wage be held if there is downward wage rigidity in the market, when the demand curve shifts to LD2?
A) $50 B) $30 C) $40 D) $20
Marginal cost eventually increases because
A) of the law of diminishing returns. B) eventually each additional worker produces a successively smaller addition to output. C) the marginal product of the variable input eventually falls. D) All of the above answers are correct.
Typically, as an economy begins to emerge from a recessionary phase of the business cycle
A) investment begins to fall. B) inflation begins to fall. C) unemployment falls immediately. D) unemployment continues to rise.
Price regulation of a natural monopoly may require subsidies.
Answer the following statement true (T) or false (F)