Andrew Carnegie, the first U.S. steel mogul, built his empire by
a. patenting each new type of steel
b. owning all of the U.S. iron ore deposits
c. being the most efficient, that is, having the lowest ATC
d. buying up his competitors
e. enlisting the protection of the government
D
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The demand for microwaves in a certain country is given by: D = 8,000-30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 6,500; 3,000 B. 5,000; 5,000 C. 6,000; 4,000 D. 6,500; 4,500
Some economists warn that "prices aren't everything" in considering agricultural policy. What other issues may slow development, even if prices are "right"?
What will be an ideal response?
A firm's demand for labor will increase if the:
A. price of the firm's output decreases. B. marginal product of labor decreases. C. wage rate rises. D. price of the firm's output increases.
A patent is a legal device which prevents
A. others from copying an invention. B. a company from charging whatever it likes for its product. C. companies from charging unreasonable amounts for their invention. D. others from copying music and books without author permission.