The patent system is intended to:
a. prevent natural monopolies from unfairly exploiting their cost advantages.
b. reward innovators by granting them temporary monopolies
c. spread information among firms as quickly and economically as possible.
d. give small businesses a competitive edge over larger businesses.
b
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a. True b. False Indicate whether the statement is true or false
A country that is half as productive at producing some goods as another country, but is one quarter as productive at producing others, will not be able to gain from trade
a. True b. False Indicate whether the statement is true or false
The sooner a payment is received and the higher the interest rate, the greater the present value of a future payment
a. True b. False Indicate whether the statement is true or false
At Tony's Restaurant, the quantity of large pizzas sold is 200 at the unit price $15. Suppose the price elasticity of demand for pizzas by the initial value method is 1.5, and you would like to increase the quantity sold to 250. Then the new price must be:
A. $13. B. $12.50. C. $11.50. D. $11.25.