The problem with the way people used Napster, Kazaa, and other music download services is that they violated the monopoly that is legally granted to
A. holders of copyrights.
B. consumers of music.
C. holders of patents.
D. all artists.
Answer: A
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Answer the following statements true (T) or false (F)
1. The average product can be calculated for any unit of input by dividing the total product by the marginal product. 2. If all inputs are increased by 25 percent and output by 35 percent, increasing returns to scale exist. 3. Implicit cost is an opportunity cost of doing business. 4. Opportunity cost and implicit cost are both explicit costs. 5. Marginal cost is the change in total cost that results from producing one less or one more unit of output.
What does it mean when the CPI is higher this year than last?
A) The rate of inflation has increased. B) There has been inflation since last year. C) Real prices have increased. D) Real prices have decreased.
Which of the following examples accurately reflects the supply curve for capital?
a. As the rental prices of stores increased, the shopping mall owners built an additional wing to add more units to lease. b. As the rental prices of stores increased, the owners of the shopping mall were satisfied with the money coming in. c. Although commercial real estate prices in the area were increasing, owners of the shopping plaza demolished one wing of their mall. d. As commercial rental prices decreased, the shopping mall owners built another building to rent more units and reduce their losses.
Exhibit 12-1 Income distribution for three countries QuintileCountry I (%) Country II (%) Country III (%) Poorest 6 8 4 Second12 12 8 Third15 15 10 Fourth27 30 30 Richest40 35 48 Exhibit 12-1 shows the percentage of income received by each population quintile. In Country II we can conclude that the:
A. least-wealthy 40 percent of the population received 20 percent of the economy's income. B. least-wealthy 20 percent of the population received 25 percent of the economy's income. C. richest 20 percent of the population received 20 percent of the economy's income. D. richest 40 percent of the population received 35 percent of the economy's income.