The profit-maximizing monopolist will operate in a price range over which
A) demand is elastic.
B) demand is inelastic.
C) the price elasticity of demand is less than 1.
D) supply is elastic.
A
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Answer the following statements true (T) or false (F)
1) Trade secrets confer more robust protection that patents. 2) A patent request will meet the nonobviousness condition if it is not obvious to a person with ordinary skill working in the area. 3) In the absence of patent rights, society can still achieve the optimal amount of innovation. 4) Trade secrets do not need governmental approval to protect it. 5) An important difference between a patent and a trade secret is that a patent holder must disclose the workings of the patent and the trade secret owner is not required to disclose the trade secret.
The net effect of regional trade agreements has been
A) an increase in the total amount of trade in the world. B) a decrease in the total amount of trade in the world. C) no change in the total amount of trade in the world. D) either an increase or decrease in the amount of trade in the world, depending on where trade takes place.
Which of the following will not cause consumption, and as a result, aggregate demand, to increase?
a. an optimistic business forecast of future income growth b. a tax cut c. an increase in consumer confidence d. a tax increase
Which of the following people would be considered unemployed by the Bureau of Labor Statistics? I. Mrs. X works 20 hours a week but wishes to work 40 hours a week. II. Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.
A. I only B. II only C. Both I and II D. Neither I nor II