Regarding new inventions, which of the following statements is not true?
a. a new invention typically has little competition
b. this effective monopoly on the market earns the inventor abundant profit
c. that profit gets the attention of other potential inventors, who create competing products
d. reduced to zero economic profits, the inventor goes out of business
d
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A current account deficit is
A) good because a country wants to own the others. B) bad because every country should have a surplus. C) good because it allows to smooth consumption. D) it does not matter.
Lana spent $5 to see a movie. We know
a. the movie was worth 500 utils. b. Lana's total utility from movies was $5. c. the movie was worth at least $5 worth of other goods. d. the movie increased marginal utility.
Equilibrium price
What will be an ideal response?
Demand curves are derived while holding constant
A. income, tastes, and the prices of other goods. B. only tastes and the prices of other goods. C. income, tastes, and the price of the good. D. only income and tastes.