When the government wants to give an exclusive right to one firm to produce a product, it
A) uses antitrust laws to keep other firms from entering the market.
B) imposes a tariff on imports of the product.
C) imposes a quota on imports of the product.
D) grants a patent or copyright to an individual or firm.
D
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Limitations of bargaining include:
A. its impracticality. B. property rights might be assigned in the wrong way. C. if the parties have too much information, bargaining may be unnecessary. D. All of the responses are correct.
Risk premium is the ________ amount that a ________ person would pay to avoid ________
A) maximum; risk-averse; taking a risk B) maximum; risk-neutral; losing everything C) minimum; risk-averse; taking a risk D) minimum; risk-loving; losing everything
The production possibility frontier is used to illustrate the concept of
A. the laissez-faire economy. B. opportunity costs. C. aggregate demand. D. equilibrium.
In the research that used the audit method to send 38 people to purchase new cars from car dealers in Chicago, the highest prices were quoted to
A) black women. B) white women. C) black men. D) white men.