In which of the following situations can a firm or individual apply for a patent?
A. A firm develops a new tool that makes cutting grass much easier.
B. An author publishes a new novel.
C. Nicki Minaj, a recording artist, releases a new CD in the market.
D. All of these are activities that can be patented.
Answer: A
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Use the following table to answer the next question.OutputATC-1ATC-2ATC-3ATC-41,500$10$15$20$302,00091217252,50081015203,00012713183,50015611164,00018107144,50020128125,00024151195,500291913126,00035251514Plant sizes get larger as you move from ATC-1 to ATC-4.The firm's minimum efficiency scale occurs at what level of output?
A. 2,500 units B. 4,000 units C. 3,500 units D. 3,000 units
Provide two examples of a government barrier to entry
What will be an ideal response?
You place $100 in a bank account that pays 8%. If you remove the interest you receive each year you can turn your stock into a flow of
A) $108 per year. B) $100 per year. C) $80 per year. D) $8 per year.
Which of the following indicates that there is a shortage in the market?
A) Demand is rising. B) Demand is falling. C) Price is rising. D) Price is falling.