Society gains from a patent if the product would not otherwise be developed.

If the multiplier = 2.5, the MPC would be

A) 0.25. B) 0.4. C) 0.6. D) 0.75.

Which of the following statements is true?

A) In cases of auctions and bilateral negotiations, prices tend to approach the competitive equilibrium. B) Bilateral negotiations allow a single buyer and a single seller to privately negotiate with bids and asks. C) In auctions, buyers prefer buying from sellers with the highest ask prices. D) In auctions, sellers prefer selling to buyers with the lowest bid prices.