Which one of the following helps preserve incentives to develop new technologies?
A) patents B) tariffs
C) income taxes D) quantity restrictions on imports
A
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When demand is inelastic and price decreases:
A) the effect of the decrease in price on total revenue dominates the effect of the increase in quantity demanded on total revenue; overall total revenue declines. B) the effect of the increase in quantity demanded on total revenue dominates the effect of the decrease in price on total revenue; overall total revenue increases. C) the effects of the decrease in price on total revenue and the corresponding increase in quantity demanded on total revenue perfectly offset one another; overall total revenue remains unchanged. D) quantity demanded and total revenue fall to zero.
Negative returns set in with the _____ worker.
Refer to Figure 18.2. The opportunity cost of producing fishing poles in Macadamia is
A) 3/4 of a spear. B) 5/6 of a spear. C) 6/5 spears. D) 4/3 spears.
Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?
A) a decrease in demand and a decrease in supply B) an increase in supply C) a decrease in demand and an increase in supply D) an increase in supply and an increase in demand greater than the increase in supply