At the profit-maximizing level of output for a perfectly competitive firm, price equals marginal cost. Which of the following is also true?
A) Total revenue equals total cost.
B) Marginal profit equals marginal cost.
C) Average revenue equals average total cost.
D) The difference between total revenue and total cost is the greatest.
Question 2
In 1935, the U.S. Patent and Trademark Office issued Parker Brothers a trademark on the
use of the name Monopoly for a board game. Hasbro bought Parker Brothers in 1991.
Which of the following statements is true regarding the trademark on the name Monopoly for a board game?
A) The trademark expired in 1955, 20 years after the trademark was issued to Parker Brothers.
B) The original trademark expired well before Hasbro bought Parker Brothers, so they never had a trademark on Monopoly.
C) Trademarks never expire, so Hasbro continues to have a trademark on the name Monopoly.
D) The trademark expired in 2011, 20 years after Hasbro's purchase of Parker Brothers.
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