When considering the price lags of the West behind the East, by the eve of the Civil War the lag was
a. roughly one year.
b. six months.
c. three months.
d. virtually eliminated.
d. virtually eliminated.
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A consumer's budget line for food (F) and shelter (S) is represented as F = 250 - 5S. If the price of shelter increases by 2 and consumption of shelter remains constant at 20, how will consumption of food change?
A) decrease by 10 B) decrease by 20 C) decrease by 40 D) decrease by 60
A patent
a. tends to discourage further innovation, since there are no other competitors to "push" the patentee b. prevents anyone else from buying the same discovery or product for twenty years c. grants exclusive rights over the protected firm for at least fifty years d. is an infringement against an exclusive business right e. prevents anyone else from selling the same discovery or product for twenty years