Knowledge capital is nonrival in the sense that
A) firms do not compete to be the first to develop new technologies.
B) two people can use the same knowledge to develop and produce a product.
C) no single company can be excluded from the benefits of new technologies.
D) firms can benefit from the research and development of rival firms without paying for that benefit.
B
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If Fred's marginal utility of pizza equals 10 and his marginal utility of salad equals 2, then we know that
A) his indifference curves are convex. B) his indifference curves are L-shaped. C) his indifference curves are linear. D) his indifference curves are downward sloping.
Positive economics is a(n):
a. reflection of a country's values. b. judgment of the correctness of an economic outcome. c. statement of fact. d. analysis of what ought to be. e. analysis of all the good market outcomes.