Patents
A) will create a profit incentive to do research.
B) might be welfare reducing if granted for too long a period.
C) serve as a barrier to entry.
D) All of the above.
D
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As the quantity of actions taken to reduce the probability of an accident increases, the expected marginal benefit curve ________.
A) decreases B) remains constant C) increases D) becomes vertical
Many experts on the nursing shortage insist that, in addition to higher money wages, other ways will have to be found to make the nursing profession more attractive, including, for example, more respect from physicians and administrators, more flexible schedules, and more secure parking lots. These facts illustrate the concept of
a. exploitation. b. pecuniary principles. c. economic rent. d. nonmonetary attractiveness.
Michigan Radio is the state's most listened-to public radio service, attracting approximately 400,000 listeners each week and is funded through listener donations
If Michigan Radio suffers from the free-rider problem then the market would provide an ________ quantity of the public good. A) efficiently small B) efficiently large C) inefficiently small D) inefficiently large
A price-taking firm will tend to expand its output as long as price exceeds average variable cost and: a. its marginal revenue is positive
b. its marginal revenue is greater than the market price. c. its marginal revenue is less than the market price. d. its marginal cost is less than the market price.