The principle of decreasing marginal benefit explains why the marginal benefit curve
A) is upward sloping.
B) has an infinite slope.
C) is vertical.
D) is downward sloping.
E) is horizontal.
D
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Patents grant their owners
a. a property right to new products and production processes that they have developed. b. the exclusive right to use a newly developed process or product forever. c. the right to use resources owned by their competitors. d. an exemption from laws that prohibit price discrimination.
Suppose a state has the following individual income tax structure. The first $20,000 that an individual earns is taxed at 5%. The next $30,000 is taxed at 10%. Any income exceeding $50,000 is taxed at 20%. Based on this tax structure, if a person's income rises from $45,000 to $55,000 . his marginal tax rate is:
a. 25% b. 20% c. 10% d. 15%
Historically, when a diverse set of stocks is held over a lengthy time period, stocks have yielded a ______ rate of return and the variation in the rate of return has been _______.
A) low; high B) high; high C) high; low D) low; low
Economists generally define the short run as being
A) that period of time in which at least one of the firm's inputs, usually plant size, is fixed. B) that period of time in which all inputs are variable. C) any period of time less than one year. D) any period of time less than six months.