Refer to the table below. If the attorney reviews 51 patents, what is the expected cost of infringement?
The above table 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) $50,000
B) $40,000
C) -$4,000
D) $4,000
B) $40,000
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Refer to Table 2-11. What is South Korea's opportunity cost of producing one digital camera?
A) 0.05 pounds of wheat B) 20 pounds of wheat C) 25 pounds of wheat D) 60 pounds of wheat
Which of the following is an illegal market?
a. an Internet movie subscription service b. a shop selling counterfeit designer goods c. a retailer offering imitation leather shoes d. a home-exchange networking website
Which question is an illustration of a microeconomic question?
A. Is the volume of wine produced in one year dependent upon the price of wine? B. Does government spending influence interest rates in the economy? C. Is the purchasing power of the dollar higher or lower today than it was in 2008? D. Which economic system is better for consumers and firms?
A consumer was at an optimum. She then discovers that the marginal utility per dollar spent on food is more than the marginal utility per dollar spent on movies. She knows then that
A) the price of movies must have decreased. B) the price of food must have increased. C) the price of movies must have increased or the price of food must have decreased. D) the price of movies must have decreased or the price of food must have increased.