In order for a patent to be considered useful, it must meet which of the two criteria?
A) It serves some minimal human need and has a downward sloping demand curve.
B) It works as intended and serves some minimal human need.
C) It minimally works as intended.
D) It works as intended and has downward sloping demand curve.
B) It works as intended and serves some minimal human need.
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In 1972, a very controversial study asserted that income differences among individuals did not depend on genetic differences in reasoning ability, or differences between schools, or family background. Moreover, the effects of level of schooling are much less than previously understood. After controlling for all of these background variables, much of the variation in earnings appeared to be random. From this analysis, one might reach the very controversial conclusion that earnings depended to a very great extent on
A. human capital. B. ability. C. schooling. D. luck.
In an ideal free unregulated market
a. supply curves reflect all negative externalities. b. external benefits are abundant. c. all individual and social needs are met by the market. d. optimal quantities of all goods and services are produced.
Disequilibrium occurs due to the absence of government intervention in certain markets
Indicate whether the statement is true false.
The monopolistic competitor
A. produces at the minimum point of her average total cost curve. B. maximizes profits but does not minimize losses. C. is usually a small firm. D. can be a monopoly.