The laws governing patents and copyrights
a. eliminate the need for firms to engage in research and development.
b. are intended to serve private interests, not the public's interest.
c. reduce fixed costs for firms that obtain them.
d. None of the above is correct.
d
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Cost-push inflation is caused by:
a. an increase in short-run aggregate supply. b. a decrease in short-run aggregate supply. c. an increase in long-run aggregate supply. d. a decrease in long-run aggregate supply.
The fact that wage differentials continue to exist across different groups of workers leads economists to believe that
a. firms apparently are not profit maximizers. b. discrimination by customers is the most common type of economic discrimination. c. the market has failed to properly allocate wages to different workers. d. differences in human capital and job characteristics must be important in explaining the differences in wages.
Why is it that projects that have negative net present values are sometimes undertaken?
What will be an ideal response?
Consumers benefit from monopolistically competitive markets because:
A. they only have one good from which to choose. B. in this type of market, producers supply goods in a variety of locations or with a variety of characteristics. C. in this type of market, goods are sold at a price equal to the marginal cost of production. D. goods are sold at a price equal to marginal revenue.