Foreign residents can benefit from U.S. research and development activity because
A. they can import the goods, obtaining inputs at lower cost than they would otherwise.
B. countries usually share patented ideas.
C. they ignore U.S. patent laws and steal the technology.
D. patents do a poor job of protecting the inventor.
Answer: A
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During the twentieth century, the market structure of the U.S. economy has
A) become less competitive. B) remained about the same. C) become more competitive. D) become mostly monopolies.
Indifference curves shift or rotate
A) only when income changes. B) only when prices change. C) when either income or prices change. D) with none of the above because changes in income and prices do not shift indifference curves.
For the single-price monopoly, marginal revenue is
a. more important than marginal cost b. always more than marginal cost c. always less than average cost d. always less than the price of output e. more significant than total revenue
The difference between social cost and private cost is a measure of the
a. loss in profit to the seller as the result of a negative externality. b. cost of an externality. c. cost reduction when the negative externality is eliminated. d. cost incurred by the government when it intervenes in the market.