Electronics firms may be able to get patents on their ideas. Doing so makes their ideas
a. private goods rather than public goods. This gives people more incentive to engage in research.
b. private goods rather than public goods. This gives people less incentive to engage in research.
c. public goods rather than private goods. This gives people more incentive to engage in research.
d. public goods rather than private goods. This gives people more incentive to engage in private research.
a
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Labor unions are restrained in their wage demands because
A. most unions deal with employers who have superior bargaining power. B. marginal wage cost curves lie above labor supply curves in most labor markets. C. legislation limits annual increases in nominal wages to 6%. D. the labor demand curve is downward-sloping.
Which of the following scenarios describes an action that is not rational from an economic point of view?
A) After drinking one martini (shaken, not stirred), James buys and drinks a second martini even though the marginal benefit of the second martini is lower than the marginal benefit of the first. B) Eric buys a replacement ticket to the basketball game after he realizes that he accidentally left his original ticket at home. C) Emily chooses to attend a social event on Tuesday night instead of studying even though she has an important exam on Wednesday morning. D) US Airways sells a last minute ticket to Don for $50 even though its average cost per passenger is $250. E) None of the above
What's the most efficient way to get from New York to L.A.?
A) By plane B) By train C) By automobile D) By foot E) Any of the above might be, depending on one's circumstances.
Long-run equilibrium under monopolistic competition and perfect competition is similar in that
A) price equals marginal revenue. B) price equals marginal cost. C) firms produce at the minimum point of their average cost curves. D) firms break even.