Knowledge that is patented is a
a. public good, whereas knowledge that is not patented is a common resource.
b. private good, whereas knowledge that is not patented is a club good.
c. common resource, whereas knowledge that is not patented is a private good.
d. club good, whereas knowledge that is not patented is a public good.
d
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A free-rider problem exists if
A) those consuming the good pay more than the cost of providing the good so that the producer's profits increase ("free ride") as a result of the overpayment. B) those consuming the good pay nothing for it. C) two consumers can jointly consume a good, which lowers the price per person. D) a firm can obtain technology at a fair price.
In the real world, price discrimination is more difficult because:
A. it is difficult to identify and verify different groups. B. to perfectly discriminate, the firm must read people's minds to know their willingness to pay. C. it can be challenging to prevent the resale of goods from one group to another. D. All of these statements are true.
Answer the question on the basis of the following national income data for the economy. All figures are in billions of dollars. Personal Consumption Expenditures 400 Government Purchases 128 Gross Private Domestic Investment 88 Net Exports 7 Net Foreign Factor Income 0 Consumption of Fixed Capital 43 Taxes on Production and Imports 50 Compensation of Employees 369 Rents 12 Interests 15 Proprietor's Income 52 Corporate Income Taxes 36 Dividends 24 Undistributed Corporate Profits 22 Statistical Discrepancy 0 Refer to the above data. Net domestic product is:
a) $520. b) $580. c) $623. d) $573.
The difference between the total amount that people would have been willing to pay for the total quantity produced and consumed in a market and what they actually pay at the market clearing price is called
A. consumer surplus. B. production excess. C. excess demand. D. market surplus.