One problem associated with intellectual property is that
a. only one person can use it at a time
b. the patent system reduces incentives to create new intellectual property
c. the cost of producing it usually exceeds the benefit
d. encryption software creates monopoly power
e. the original producer has difficulty preventing non-paying beneficiaries from consuming the property
E
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All of the following are possible characteristics of a monopoly except:
A) there is a single firm. B) the firm is a price taker. C) the firm produces a unique product. D) the existence of some advertising.
Answer the following questions true (T) or false (F)
1. The long run average cost curve is also known as the planning curve. 2. The long run equilibrium of the firm under conditions of perfect competition will occur at that output level where the product price is equal to both the firm's marginal and average total costs. 3. An isoquant reflects the combination of products that minimizes the cost of production.