The argument that concentration of market power enhances research and development efforts may be weak because:
A.) Monopolies cannot afford basic research.
B.) No one has attempted to gather any empirical evidence.
C.) A monopoly may have no clear incentive to pursue new research and development.
D.) No existing monopoly has a research and development program.
C.) A monopoly may have no clear incentive to pursue new research and development.
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Suppose the elasticity of labor demand is 0.6. Then a decrease in the wage rate will:
A. Decrease total wage income B. Increase total wage income C. Have no impact on total wage income D. Have an indeterminate impact on total wage income
If quota rights accrue to foreigners, then _____.
A) the domestic economy is better off with a quota than with a tariff B) the domestic economy is worse off with a quota than with a tariff C) consumer surplus and economic welfare increase D) production costs decrease E) part of the decrease in consumer surplus is redistributed to the domestic government
Which of the following is NOT an example of a regional trade bloc?
A) the North American Free Trade Agreement B) the European Union C) the Asian-Pacific Trade Agreement D) Mercosur
A farmer sells five pounds of pecans to a Smith's Fresh Pecans for $10 . Smith's Fresh Pecans resells three pounds for $4.50 per pound. The remaining pecans are shelled and canned and sold for a total of $8.00 Taking these transactions into account, how much is added to GDP?
a. $22.50 b. $29.50 c. $21.50 d. $31.50