A patent is a government granted exclusive right to sell a product for a period of time.
Answer the following statement true (T) or false (F)
True
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Which of the following do economists consider to be capital?
A. a pair of stockings B. a share of IBM stock C. a construction crane D. a savings account
A rational individual would be indifferent between ________ today and ________ four years from today if the interest is 20 percent
A) $100, $100 B) $48, $100 C) $30, $100 D) $100, $48
When quantity demanded is greater than quantity supplied
A. price will fall to its equilibrium price. B. price will rise to its equilibrium price. C. price may rise, fall, or stay the same, depending on a variety of factors.
When quantity supplied equals quantity demanded,
A. there is disequilibrium. B. the market is cleared. C. there is excess quantity demanded. D. there is excess quantity supplied.