For several years, a company with a patent can enjoy ______.
a. sharing technology openly
b. freedom from regulation
c. fair competition
d. a monopoly
d. a monopoly
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Which statement best describes the relationship between steamboats, keelboats and flatboats on the Mississippi River in the antebellum period?
a. Steamboats were substitutes for both keelboats and flatboats. b. Steamboats were complements for both keelboats and flatboats. c. Steamboats were substitutes for keelboats and complements for flatboats. d. Steamboats were substitutes for flatboats and complements for keelboats.
In the United States:
A. the middle class has become the largest class. B. the lower class has become the largest class. C. all three classes are the same size. D. the upper class has become the largest class.
Figure 14.3 represents the market for used refrigerators. Suppose buyers are willing to pay $300 for a plum (high-quality) used refrigerator and $100 for a lemon (low-quality) used refrigerator. If buyers believe that all of the used refrigerators in the market are lemons (low quality), what number of used refrigerators sold will actually be lemons (low quality)?
A. 50 B. 125 C. 175 D. 250
When productive activities are organized according to the principle of the division of labor
A) scarcity is eliminated. B) we do not devote enough resources for capital investment. C) total output increases due to the advantages of specialization. D) an inefficient outcome results.