In providing a legal framework, the government
A. Protects patents to encourage entrepreneurship.
B. Protects the ownership of private property to encourage the private sector.
C. Protects copyrights to encourage textbook protection.
D. All of the choices are correct.
Answer: D
Economics
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An industry's equilibrium wage rate is established
A) by the industry supply curve for labor alone. B) by the slope of the industry demand curve for labor alone. C) by the Labor Department and based on the cost of living in the area. D) by the intersection of the industry supply and demand curves for labor.
Economics
A natural monopolist that sets prices equal to marginal cost will:
A. incur losses. B. earn zero accounting profits. C. be inefficient. D. set a price greater than average total costs.
Economics