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Since anyone is able to obtain a license, not necessarily the low cost suppliers of archery lessons, and it is not necessarily the individuals with the highest willingness to pay who are able to receive a lesson, what does it imply about the efficiency of the larger economy to which the market for archery lessons belongs?
a. the economy is efficient in consumption, production and output levels
b. the economy is not efficient in consumption, production and output levels
c. the quota prevents the market price from acting as an economic signal
d. Price will act as an economic signal, drawing in more archery instructors.
Company A owns a patent with 15 years of remaining life. Company B is paying royalties to Company A for a license to the patent. It is estimated that royalty payments (end-of- year
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#question.WHAT IS GDP AND DIFFERENT PRICE LEVEL IN SHORT RUN?.
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