What is one reason patents are required?
A) Information concerning innovation is private and secure.
B) Human nature is corrupt.
C) Information concerning innovation is generally not private and secure.
D) The patent only makes things better in the short run.
C
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If perfectly competitive lawn care firms are making an economic profit, then
A) wages will be bid up until the economic profit are gone. B) the firms must be superior and will continue to make an economic profit. C) new firms will enter the industry. D) they are not equating marginal revenue to marginal cost. E) government regulation will be imposed to decrease their profit.
Most food products have low income and price elasticities of demand
Indicate whether the statement is true or false
Over the last 30 years, the income gap between the rich and the poor has declined
a. True b. False Indicate whether the statement is true or false
Why are banks using more automatic teller machines (ATMs) and employing fewer human tellers? What economic principle is illustrated about resource markets by this example?
What will be an ideal response?