Patents, copyrights, and trademarks
a. are examples of government-created monopolies.
b. are examples of barriers to entry.
c. allow their owners to charge higher prices.
d. All of the above are correct.
d
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An agreement among countries about how relative currency values should be determined is known as
A) an exchange rate system. B) an international currency market. C) a free-trade arrangement. D) a parity intervention.
In general, elasticity is a measure of
a. the extent to which advances in technology are adopted by producers. b. the extent to which a market is competitive. c. how firms' profits respond to changes in market prices. d. how much buyers and sellers respond to changes in market conditions.
When demand is price-inelastic, ceteris paribus, an increase in
A. Price leads to greater total revenue. B. Total revenue indicates a reduction in price. C. Price leads to lower total revenue. D. Total revenue means quantity rises.
Caroline's hourly wage rate was reduced from $22 to $16. As a result of the wage decrease, Caroline desires to work more hours and take fewer hours of leisure. For Caroline
A. the substitution effect must equal the income effect. B. the income effect dominates the substitution effect. C. the income effect must be zero. D. the substitution effect dominates the income effect.