Which of the following statements is true about patents and copyrights? (i) They have benefits and costs. (ii) They lead to higher prices. (iii) They enhance the ability of monopolists to earn above-average profits
a. (i) and (ii) only
b. (ii) and (iii) only
c. (ii) only
d. (i), (ii), and (iii)
d
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In perfect competition, the demand faced by a single firm is perfectly
A. elastic, because many other firms produce the same standardized product. B. inelastic, because many other firms produce the same standardized product. C. inelastic, because the firm produces a differentiated product. D. elastic, because the firm produces a differentiated product.
If the price elasticity of demand for opera tickets in Orlando is 1.00, then the demand for opera tickets in Orlando is
A) unit elastic. B) elastic. C) perfectly inelastic. D) inelastic. E) perfectly elastic.
Which of the following REDUCES equality of income or wealth relative to the market distribution?
A) government payments to the poor B) a regressive income tax C) high taxes on bequests D) non-assortative mating
If it costs Sinclair $300 to produce 3 suede jackets and $420 to produce 4 suede jackets, then the difference of $120 is the marginal cost of producing the 4th suede jacket
Indicate whether the statement is true or false