A perfectly competitive firm acts as a ___________, so it calculates total revenue by multiplying the given market price by the quantity of output the firm chooses.

Refer to the scenario above. Which of the following is true if Sarah is optimizing in levels?

A) An optimizer will rent the hotel for three days if the total benefit of staying for three days exceeds the total benefits of staying for two days. B) An optimizer will rent the hotel room for three days if the cost of staying for two days exceeds the cost of staying for three days. C) An optimizer will rent the hotel room for three days if the net benefit of staying for three days exceeds the net benefit of staying for two days. D) An optimizer will rent the hotel room for three days if the net benefit of staying for the third day is negative.

Which barrier to entry is an exclusive right granted to the author or composer of a literary, musical, dramatic or artistic work?

A) patent B) copyright C) public franchise D) government license E) natural barrier