Which of the following is true of trademarks?
A) If a firm is granted a trademark, then no other firms can legally produce similar products for a given period of time.
B) A successful trademark is one that allows consumers to immediately identify the source or producer of the product.
C) If a firm is granted a trademark, then no other firms can legally sell in the same geographic area for a given period of time.
D) A successful trademark is one that becomes a generic name for a product, for example, "Xerox" has become a generic term for making photocopies.
B
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Sonya's budget for magazines and chocolate bars is $50. Her marginal utility from these goods is shown in the table above. The price of a magazine is $5 and the price of a chocolate bar is $2.50
Sonya currently buys 4 magazines and 12 chocolate bars. To maximize her utility, she should A) buy more chocolate bars and fewer magazines. B) buy more magazines and fewer chocolate bars. C) buy more of both goods. D) stay with the current combination of goods.
Without any regulation, the natural monopolist will
A) not produce any output. B) produce to the point at which P = ATC. C) produce less output than it would if the industry was purely competitive. D) have an upward-shifting average cost curve.