A patent is a(n)
a. government grant to an innovating firm of monopoly privilege in the production of a good or the use of a technology for a 17-year period
b. annual award of monopoly privilege to a firm for the most creative invention of the year
c. payment from the government to a firm for the most creative invention of the year
d. grant of perpetual monopoly rights to a firm issued by the government
e. expression of monopoly power in a monopolistically competitive industry
A
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Ron's Hamburger Joint is the only restaurant in town. The above figure represents Ron's cost, the market demand, and marginal revenue curves. Ron operates as a single-price monopoly
a. How many hamburgers does Ron produce? b. What price does Ron charge for a hamburger? c. What is Ron's total revenue? d. What is his total cost? e. What is Ron's economic profit?
If Ross decides to ride his bike this afternoon, he will miss his favorite television show, and he won't have time to study for his economics test. If Ross doesn't ride his bike, he'll choose to watch the television show instead. (He cannot both watch television and study for the test.) Ross's opportunity cost of riding the bike is
a. the value to Ross of watching the television show. b. the value to Ross of studying for the test. c. the value of watching the television show plus the value of studying for the test. d. the value of watching the television show minus the value of studying for the test. e. the value to Ross of riding his bike minus the value of watching the television show.
Which of the following is the least likely to be investment?
A. a household buying a new house B. a household saving for retirement C. GM building a new factory D. a car dealer adding to its cars on hand
A drawback of using market values to aggregate the quantities of goods and services produced in an economy is that:
A. higher-priced items count more. B. not all economically valuable goods and services are bought and sold in markets. C. market prices generally reflect the economic benefit consumers expect to receive from an item. D. GDP increases when not all goods are produced in greater quantities.