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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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
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.
