Patents grant
a. permanent monopoly status to creators of scientific inventions
b. permanent monopoly status to creators of any intellectual property
c. temporary monopoly status to creators of scientific inventions
d. temporary monopoly status to creators of any intellectual property
e. permanent monopoly status to natural monopolies
C
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Minimum wage laws:
A) can cause the quantity demanded to exceed the quantity supplied of labor. B) are used to solve the problem of wage rigidity. C) can give rise to wage rigidity. D) help in equating the quantity of labor demanded and supplied.
If marginal utility is a positive number,
A. the more you purchase, the more total utility you get. B. the more you purchase, the less total utility you get. C. utility is not affected by more purchases. D. then you are as well off as possible.
Carolyn knows average total cost and average variable cost for a given level of output. Which of the following costs can she not determine given this information?
A) total cost B) average fixed cost C) fixed cost D) variable cost E) Carolyn can determine all of the above costs given the information provided.
The supply curve for a perfectly competitive market:
A. is the summation of all the average cost curves of each firm in a market. B. is the summation of all the marginal cost curves, above the minimum of the average variable cost curve, from all the individual firms in the market. C. is not related to the supply curves of individual firms. D. is independent of price.