A share of common stock is a claim on a corporation's

The largest budgetary expense for a typical state or local government is

a. public order and safety. b. welfare. c. highways. d. education.

Patents create monopolies, and monopolies have the ability to exercise market power. This ability results in all of the following except the ability to:

a. appropriate all surplus value turning it into monopoly profits. b. restrict output below the social optimum. c. charge higher prices. d. gain exclusive rights to a market and sell a product for a specific time period.