Monopolistic competition exists when there is one large firm in an otherwise perfectly competitive market

Stefano has just completed an original oil painting. After considering the costs for brushes, paint, canvas, and the value of Stefano's labor time, the marginal cost of the painting is $1,000. Lucky Stefano. One art lover paid him $1,500

How much producer surplus did Stefano obtain? A) The amount of producer surplus cannot be determined from the information given. B) $1,500 C) $1,000 D) $500

Patent protection is important in affecting technological progress because it makes research and development

A) diffuse more quickly. B) more fertile. C) more easily available. D) more appropriable. E) none of the above