Temporary monopolies via the provision of sole ownership rights to profit from the production, use, or sale of a good are provided by:
A. profit-maximizing behavior.
B. network externalities.
C. patents and copyrights.
D. natural monopolies.
C. patents and copyrights.
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From the perspective of the employer, which of the following might be a substitute for unskilled labor?
A) Computers B) Skilled labor C) Tools D) Electricity E) All of the above.
Refer to the scenario above. Suppose Pat can impose a fine of $70 if Joe chooses to keep the money and the cost of imposing such a fine to Pat is $10. Which of the following is likely to happen if Pat is known to be vengeful?
A) Joe will choose to split the money into two parts if Pat gives it to him. B) Joe will choose to keep the entire money for himself if Pat gives it to him. C) Pat will not give the money to Joe. D) An unique equilibrium will not occur.
The marginal rate of return on investment is found by dividing the marginal resource cost per year by the marginal revenue product
a. True b. False
Negative externalities lead to over supply in a market
Indicate whether the statement is true or false