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1. The Harley-Davidson motorcylce company, which had a copyright on the word "hog", applied for the exclusive rights to its engine sound.
a) Why would Harley-Davidson want these copyrights?
b) Do you think the law should provide copyright protection such as this? What are the pros and what are the cons from the standpoint of society as a whole?
2. Grocery stores and gas stations in a large city would appear to be examples of competitive markets. There are numerous, relatively small sellers, each seller is a price taker and the products are quite similar.
a) Is is possible these markets are perfectly competitive? How could we argue that the firms face a demand curve that is not perfectly elastic? Use the definitions and characteristics of the differenct market structures to justify your reasoning.
b) How profitable do you expect grocery stores and gas stations to be in the long run?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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