From the date a U.S. patent is granted to a firm, it ceases to be a potential source of monopoly profits after
A. 7 years.
B. 20 years.
C. 14 years.
D. 1 year.
Answer: B
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One year, the government boosted regulated taxi fares in New York City by 15 percent with the expectation that the total revenue from taxi rides would also increase by 15 percent
The taxi commission that authorized this fare increase must have believed that the demand for taxi service was A) elastic, but not perfectly elastic. B) inelastic, but not perfectly inelastic. C) unit elastic. D) perfectly inelastic.
Pennsylvania's largest grower of fresh-to-market tomatoes announced in March 2009 he will no longer produce the crop. The acreage he previously devoted to tomatoes and pumpkins will be converted to field corn that is harvested by machines
Of the following, which could have led to the shift from labor intensive tomato production to field corn? A) The market price of tomatoes increased. B) Farm workers' reservation wage fell. C) The wage rate for farm workers increased. D) All of the answers are true.
Which of the following financial assets is most likely to have a higher amount of risk than the others?
A. Stocks B. Bonds C. Mutual funds D. Savings accounts
If the Fed sells securities on the open market, this will
a. decrease banks’ excess reserves. b. increase banks’ excess reserves. c. leave banks’ excess reserves unchanged. d. lower the reserve requirement.