If a firm increases output when MR > MC, then:
A. profit will equal zero.
B. profit will increase.
C. profit will decrease.
D. profit will remain the same.
Answer: B
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When a drug company develops a new drug it is granted a ________ making it illegal for other firms to enter the market until the ________ expires
A) franchise; franchise B) copyright; copyright C) government license; government license D) patent; patent
When graphed, total variable cost must
a. first slope down and then slope up b. always have a positive slope c. always have a negative slope d. first slope up and then slope down e. be a horizontal line
A sewer system is
a. rival and exclusive, and therefore is a public good b. nonrival and nonexclusive, and therefore is a public good c. exclusive, but since it is nonrival, it is a public good d. nonrival, but since it is exclusive, it is a private good e. nonrival and nonexclusive, and therefore is a private good
The US had a nominal GDP of 10.3 trillion dollars in 2000. If the US great at an average rate of 3.0 % per year then its compounded GDP at the end of 2015 would have been:
A. 16.3 Tr. B. 14.7 Tr. C. 16.0 Tr. D. 15.6 Tr.