Refer to the table below. If the attorney reviews 51 patents, what is the expected marginal benefit of reviewing the 51st patent?
The above below shows the quantity of patents reviewed by a firm's attorney and the corresponding probability that the firm will infringe on another firm's patent. The cost of infringement is $50,000.
A) -$40,000
B) $4,000
C) -$4,000
D) $40,000
B) $4,000
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Which of the following instances will total revenue or receipts decline?
A) Price rises and demand is inelastic. B) Price falls and demand is elastic. C) Price rises and demand is elastic. D) Price falls and demand is unit elastic.
The net exports effect is the inverse relationship between net exports and the ____ of an economy.
A. potential real GDP B. chain-price deflator C. price level D. consumption spending
The profit-maximizing rule for a firm hiring both labor (L) and capital (C) under conditions of imperfect competition is:
A. MPL/PL = MPC/PC B. MPL/MPC = MRCC/MRPL C. MRPL/MRCL = MRPC/MRCC = 1 D. MRCL/MPL = MRCC/MPC = 1
Answer the following statements true (T) or false (F)
1. The asymmetric information problem in health care implies that the demand for health care is a "supplier-induced demand". 2. The moral hazard problem created by health insurance induces consumers to under consume health care. 3. Health insurance induces the consumers to adopt less prevention and over consumption of health care. 4. The provision of health insurance leads to a dead weight loss due to an over-allocation of resources to health care. 5. Raising deductibles and co-payments in health insurance plans is one effective way to contain health care costs.