A venture capital fund wants to invest $1000 in each of one thousand mad scientists
The first scientist applying to the fund is working on the legendary pill that turns water into gasoline, and the second scientist is working on the even more legendary perpetual motion machine. The smart venture capitalist here will A) back the pill and look for 999 other scientists working on the same pill.
B) back the machine and look for 999 other scientists working on the same machine.
C) look for 500 scientists working on the pill and 500 working on the machine.
D) back the pill, the machine, and 998 other different projects.
D
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Marginal product is the change in output divided by the change in the amount of an input used
a. True b. False
When comparing perfect competition and monopoly, a major assumption made is that
A) the monopolist faces a downward sloping demand curve. B) consumers only care about the price of the good and not whether the seller is a monopoly or not. C) the costs of production are the same under monopoly as under perfect competition. D) the monopolist can make an above normal rate of return.