A patent is an exclusive right to produce and sell a product for how long?
(A) 30 years
(B) 40 years
(C) 15 years
(D) 20 years
Ans: (D) 20 years
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A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
Firms are making profits in an increasing-cost industry. Which of the following statements describes what will happen in the long run?
A. Firms will exit this industry, causing the industry supply schedule to shift to the right and the LRAC curve to shift down. B. More firms will enter this industry, causing the industry supply schedule to shift to the right and the LRAC curve facing firms to shift down. C. More firms will enter this industry, causing the industry supply schedule to shift to the right and the LRAC curve facing firms to shift up. D. Firms will exit this industry, causing the industry supply schedule to shift to the left and the LRAC curve to shift down.
The unemployment rate equals 100 multiplied by the
A) number of people unemployed divided by the number of people employed. B) number of people unemployed divided by the population. C) number of people unemployed divided by the labor force. D) number of people unemployed divided by the working-age population. E) labor force divided by the number of people unemployed.
La Super Rica is a taco stand in Santa Barbara, California. It is popular with the locals and even the late Julia Child found the food delicious. Suppose La Super Rica maximizes its profit
If La Super Rica's lunch price is greater than its average total cost, which of the following statements is NOT true? A) La Super Rica is producing at its efficient scale. B) La Super Rica is making an economic profit. C) La Super Rica is producing a quantity where marginal revenue equals marginal cost. D) La Super Rica has excess capacity.