A firm's total profit can be calculated as all of the following except
A) total revenue minus total cost.
B) (price minus average total cost) times quantity sold.
C) average profit per unit times quantity sold.
D) marginal profit times quantity sold.
Question 2
Ordinarily, governments attempt to promote competition in markets. Why do governments use patents to block entry into some markets when this prohibits competition?
A) Politicians sometimes succumb to pressure from lobbyists to grant favors to businesses for political reasons.
B) Patents are an important source of government revenue.
C) Patents are justified because they are an important means for creating network externalities.
D) Patents encourage firms to spend money on research necessary to create new products.
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