Patents are a source of:
A) legal market power.
B) natural market power.
C) regulated market power.
D) firm-biased market power.
A
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Which of the following factors is most likely to cause the aggregate demand curve to shift rightward?
a. An increase in savings b. An increase in household wealth c. An increase in tax rates d. A decrease in government spending
Oscar makes purchases of an existing product (X) such that the marginal utility of the last unit he consumes is 10 utils and the price is $5. He also tries a new product (Y) and the marginal utility of the last unit he consumes is 8 utils and the price is $1. The equal marginal principle suggests that Oscar should
A. increase his consumption of product Y and decrease his consumption of product X. B. increase his consumption of product X and increase his consumption of product Y. C. decrease his consumption of product Y and decrease his consumption of product X. D. increase his consumption of product X and decrease his consumption of product Y.