One drawback of the patent system is that firms must disclose to the public information about the product or process
Indicate whether the statement is true or false
TRUE
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The table above shows the total product schedule for Shines Car Wash. The market for car washes is perfectly competitive and car washes sell for $5 each. The labor market is competitive and the wage rate is $50 per day
What is the value of marginal product for each worker? How many workers does the firm hire to maximize profit?
The marginal product of labor for Acme, Inc is 15. The average product of labor is 25, and the price of labor is $10. Assuming that Acme, Inc is a competitor in its output and input markets, the marginal revenue product of labor:
A) is $10. B) is $150. C) is $250. D) is $375. E) cannot be determined with the information provided.
When the absolute price elasticity of demand is less than 1, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
Suppose the wiz-pop market is in long-run equilibrium. Suddenly, fixed costs decrease, although variable costs remain unchanged. Discuss the short-run and long-run changes in market equilibrium.
What will be an ideal response?