The owner of a patented invention
A. is guaranteed a profit since her idea cannot be copied.
B. will only earn a profit if average total cost is less than price.
C. will always have demand high enough and costs low enough to ensure a profit.
D. may or may not have a legal monopoly.
Answer: B
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What branch of economics is concerned with effects of nutrition labeling on the dietary quality of consumers (i.e., what-if types of questions)?
A) Positive economics B) Macroeconomics C) Normative economics D) Microeconomics
when relationship-specific exchange occurs in simple, contractual environments, the best way to purchase input is not thorough
What will be an ideal response?
The most threatening and damaging detrimental externality at issue today is
A. the explosion and oil spill at the Deepwater Horizon. B. the continued pollution of city air due to factory emissions. C. water shortages. D. global warming.
The figure below shows the market for shoes in a small importing country. Dd and Sd are the domestic demand and supply curves of shoes, respectively.
The imposition of a tariff on shoes caused economic well-being in the country to ________ by an amount measured by the area
A. rise; (a + c). B. rise; (b + c+ d). C. fall; c. D. fall; (b + d).