Society gains from a patent if the product would not otherwise be developed.
Answer the following statement true (T) or false (F)
True
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Which of the following statements is true?
A) Output is likely to be the same in a command economy and a market economy. B) Output is likely to be lower in a market economy than a command economy. C) Output is likely to be lower in an economy with extractive institutions than an economy with inclusive institutions. D) Output is likely to be the same in an economy with extractive institutions and an economy with inclusive institutions.
In the figure above, if the marginal propensity to import increased, the aggregate expenditure lines would ________ and the multiplier would ________ in value
A) become less steep; fall B) become less steep; rise C) become steeper; rise D) not change; fall E) not change; rise
What is a Nash equilibrium?
What will be an ideal response?
Consumer choice theory generally concludes that is based on the hypothesis that each consumer wants to
A. maximize her total utility. B. maximize her marginal utility. C. minimize the rate at which her marginal utility diminishes. D. minimize the percentage of her consumption diverted to inferior goods.