Suppose seller X is willing to sell one good X for $5, a second good X for $10, a third for $16, a fourth for $25, and the market price is $20 . What is seller X's producer surplus?
a. $15 b. $20
c. $22 d. $29
d
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About ________ of pharmaceutical patents are issued to U.S. firms
A) 10 percent B) one-half C) two-thirds D) 90 percent
Risk pooling:
A. assures the individuals that they are less likely to have a catastrophe occur. B. reduces the risk of catastrophes happening collectively to groups. C. doesn't reduce the chances of catastrophes happening to individuals. D. None of these statements is true.
A firm in which market has the most market power?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
Other things constant, an increase in resource prices will
a. increase the demand for goods and services. b. increase the cost of producing goods and services, which will lead to a higher price level. c. reduce costs and improve profit margins, which will lead to an increase in aggregate supply in the goods and services market. d. cause the natural rate of unemployment to rise.