Proprietary technology is technology
a. that the government prohibits firms from using.
b. conserves natural resources.
c. that is useful while other types of technology are outdated.
d. that is known or controlled only by the company that discovered it.
d
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Which of the following statements best describes a consumer's budget line?
A) It shows all combinations of goods among which the consumer is indifferent. B) It shows the limits to a consumer's set of affordable consumption choices. C) It shows the desired level of consumption for the consumer. D) It shows the consumption choices made by a consumer.
The assumption of completeness means that
A) the consumer can rank all possible consumption bundles. B) more of a good is always better. C) the consumer can rank all affordable consumption bundles. D) all preferences conditions are met.
A typical reason moral hazard arises in the workplace is:
A. employees do not directly benefit from their effort, only their time spent at work. B. employees get paid the same, whether they try really hard or not. C. employees have no incentive to let the employer know how hard they can really work, because that might be expected of them all the time. D. All of these statements are true.
When the supply of a good increases and its demand decreases by the same amount: a. Price will change in the same direction as the shift in supply
b. Price will change in the same direction as the shift in demand. c. Quantity exchanged will change in the same direction as the shift in supply. d. Quantity exchanged will change in the same direction as the shift in demand.