A patent is the legal right granted to a firm that allows it to:
A. Make copies of other firm's products
B. Be the sole buyer of a particular product or resource
C. Sell its new product exclusively for a set number of years
D. Be the exclusive distributor of a particular imported product
C. Sell its new product exclusively for a set number of years
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A perfectly competitive firm will operate and incur an economic loss in the short run if
A) the loss is smaller than its total fixed costs. B) it knows it can recoup the loss in the long run. C) shareholders do not know about the loss. D) the loss can offset future profits.
When decision rights are decentralized, typically
a. decisions are being moved to those with more of the relevant information b. decisions are being moved to those with stronger incentives to make good decisions c. decisions are being moved from those with more of the relevant information d. decisions are being moved from those with weaker incentives to make good decisions
If British tastes changed so that Britons began to desire more American goods, there would be
a. a rightward movement along the supply of British pounds curve in the dollar-pound market b. a leftward movement along the supply of British pounds curve in the dollar-pound market c. a rightward shift of the supply of British pounds curve in the dollar-pound market d. a leftward shift of the supply of British pounds curve in the dollar-pound market e. no change in the supply of British pounds curve in the dollar-pound market
Which of the following would be considered a member of the labor force?
A. a computer programmer looking for work B. an engineer who has been laid off a year ago and since then has not looked for work C. an inmate in a state prison making license plates D. a person in a mental institution