Patents
A. create monopolies and are thus efficient.
B. are granted for a period of 10 years in the United States.
C. slow the flow of benefits from research and development to consumers.
D. All of the above are correct.
Answer: C
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Yield management and price discrimination have enabled firms to increase profits and, at the same time
A) reduce transactions costs. B) capture some consumer surplus. C) reduce the cost of production. D) transfer some producer surplus to consumers.
Exhibit 6A-2 Consumer Equilibrium
?
Given the budget lines and indifference curves shown in Exhibit 6A-2, points D, A, and E yield:
A. more total utility than point B. B. more total utility than points B and F. C. less total utility than points B and C. D. equal total utility to points B, F, and C.
George and Dan's political consulting firm is losing money, but it is more than covering its fixed costs. What is the most accurate statement we can make about it?
A. It will stay in business in the long run. B. It will go out of business in the long run. C. It will shut down in the short run. D. None of these statements are correct.
Refer to the graph below. One U.S. dollar will purchase how many euros?
Assume that U.S. and European governments adopt a system of flexible exchange rates, and the figure below shows the market for euros.
A. 0.90 euro
B. 1.00 euro
C. 1.11 euro
D. 1.90 euro