The optimal patent length is equal to 20 years
Indicate whether the statement is true or false
False. There is no optimal patent length for all goods.
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Behavioral economists argue that asset price bubbles and other examples of herd behavior may be due to biases resulting from the law of small numbers
In particular, the investors may observe unusually ________ returns for some asset and use this limited information to ________ the probability that returns will be high in the future. A) low, over-estimate B) low, under-estimate C) high, over-estimate D) high, under-estimate
Maureen's college raises the cost of room and board per semester. This increase raises Maureen's opportunity cost of attending college
a. even if the amount she would have to pay for room and board if she didn't attend college rose by the same amount. An increase in opportunity cost reduces Maureen's incentive to attend college. b. even if the amount she would have to pay for room and board if she didn't attend college rose by the same amount. An increase in opportunity cost increases Maureen's incentive to attend college. c. only if the amount she would have to pay for room and board if she didn't attend college rose by less than the increase in the amount her college charges. An increase in opportunity cost reduces Maureen's incentive to attend college. d. only if the amount she would have to pay for room and board if she didn't attend college rose by less than the increase in the amount her college charges. An increase in opportunity cost increases Maureen's incentive to attend college.
A cubic specification for a short-run production function is appropriate when the scatter diagram indicates
A. a ?-shaped marginal product of labor curve (MP first falls and then rises as labor usage increases. B. total product is decreasing throughout the range of labor usage. C. an S-shaped total product curve. D. an S-shaped marginal product of labor curve. E. marginal product of labor falls throughout the range of labor usage.
Use the information provided in Table 7.4 below to answer the question(s) that follow. Table 7.4Inputs Required to Produce a Product Using Alternative TechnologiesTechnologyUnits of CapitalNumber of EmployeesA 836B 1224C 1616D 24 12Refer to Table 7.4. If the hourly price of capital is $40 and the hourly wage rate is $10, which production technology should be selected?
A. A B. B C. C D. D