Intellectual property includes
a. all of the following
b. literary, artistic and musical works, and scientific inventions
c. computers, calculators, and word processors
d. desks, bookshelves, and notebooks
e. office space, computers, and telephones
B
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Your text suggests if the price of insulin were to significantly increase, more diabetics will
A) avoid refilling their prescriptions. B) turn toward substitutes such as a better diet and exercise. C) adopt holistic healthcare, organic medicines, and other perceived substitutes. D) do all of the above. E) do none of the above.
The process of adjustment to a new long-run equilibrium in a perfectly competitive industry is not complete if
A. other firms want to enter the industry. B. all firms are at the minimum average cost. C. all firms receive zero economic profit. D. no firms want to exit the industry.
According to the graph shown:
A. total surplus is smaller than producer surplus. B. total surplus is smaller than consumer surplus. C. producer surplus is greater than consumer surplus. D. consumer surplus is greater than producer surplus.
In a competitive industry the market-determined price is $12. A firm is currently producing 50 units of output; average total cost is $10, marginal cost is $15, and average variable cost is $7. In order to maximize profit, the firm should:
A. produce more because the firm is earning a profit of $100. B. produce more because the next unit of output increases profit by $2. C. keep output the same because the firm is earning a profit of $100. D. produce less because the last unit of output decreased profit by $3.