What is a patent?
What will be an ideal response?
A patent is an example of a barrier to entry that grants exclusive use of the patented product or process to the inventor for a specified period of time.
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If at some output level for a firm price exceeds average total cost, then the firm is earning an economic profit
a. True b. False Indicate whether the statement is true or false
Economists consider environmental pollution to be a(n)
A. externality. B. pure public good. C. allocatively efficient outcome. D. public interest outcome.
Marginal revenue is the change in:
A. total profit brought about by selling one more unit of output. B. price brought about by selling one more unit of output. C. total revenue brought about by selling one more unit of output. D. output brought about by a $1 change in product price.
If a 10-year Treasury bond pays 3.1 percent and a 10-year corporate bond pays 7.4 percent, what is the interest rate spread on this particular corporate bond?
A. 4.3 percent B. 7.4 percent C. 10.5 percent D. 22.9 percent