A patent is used to
a. disseminate information.
b. offset the negative effects of taxes.
c. protect inventors for as long as they live.
d. assign property rights.
d
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The figure above shows the demand, marginal revenue, and marginal cost curves for Paul's Parrot pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, his total economic profit is
A) $60. B) $405. C) $0. D) $210,000. E) unknown because more information is needed to determine Paul's profit.
Refer to Figure 12-5. If the market price is $20, what is the amount of the firm's profit?
A) $5,400 B) $6,750 C) $8,100 D) $16,200
If a good sells for $10 domestically and the same good sells for $7 abroad, then this firm is engaging in
A) marginal cost selling. B) price discrimination. C) price differentiation. D) dumping.
It is not possible to exclude people from consuming pure public goods
Indicate whether the statement is true or false