Foreign residents can benefit from U.S. research and development activity because
A) they ignore U.S. patent laws and steal the technology.
B) they can import the goods, obtaining inputs at lower cost than they would otherwise.
C) countries usually share patented ideas.
D) patents do a poor job of protecting the inventor.
B
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For a perfectly competitive market in which firms face an identical constant marginal costs, the amount of consumer surplus increases if
A) market demand decreases. B) market demand increases. C) marginal cost increases. D) none of the above: insufficient information to answer.
The halfway-point between the buyer's valuation and the seller's opportunity cost is:
a. sometimes a focal point. b. where the two parties invariably agree to transact. c. outside the core. d. inside the utility possibility frontier.