For a resource to be able to generate temporary competitive advantage over rivals, it must be
a. Valuable
b. Rare
c. Valuable and rare
d. Not valuable but rare
c
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Refer to the figure above. Which of the following statements are true in this case?
A) P1 is the socially optimal price for Good X. B) P2 is the price of Good X in a free market. C) Q2 is the efficient level of output of Good X. D) Q2 is the quantity supplied of Good X in a free market.
The longer a patent lasts,
A) the greater the potential economic profits available to an innovator. B) the lower the deadweight loss. C) the lower the average costs of production. D) the less innovation there will be.
In a price system, changes in prices
A) make it difficult for the system to function well. B) imply that people have made mistakes in the past. C) signal to everyone in the system what goods are relatively more or less scarce. D) signal to policy makers what goods should and should not be taxed more.
AGI always exceeds taxable income.
A. True B. False C. Uncertain