Specialization of labor makes sense only if there is some means of exchange.
Answer the following statement true (T) or false (F)
True
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Why are generic pharmaceuticals significantly cheaper than name brand ones?
A.Generic pharmaceuticals are not protected by patent law, B.Brand name pharmaceuticals are not protected by patent law, C.The government allows knockoffs of patent-protected medicines in some cases. D.Generic pharmaceuticals are made by foreign companies that have lower costs.
The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. The marginal product of labor is 20 and the price of Acme's output is $10. For Acme Company, the marginal revenue product of labor is
A) less than $10. B) $10. C) $20. D) less than $200. E) $200
Refer to the graph below. At which point is average product (AP) at its maximum?
A. Point A
B. Point B
C. Point C
D. Point D
The problem generally associated with public goods is:
A. free-riding. B. adverse selection. C. moral hazard. D. self-selection.