30) hich of the folowi is an example of a product that is nonexcludable and riva

Question

30) hich of the folowi is an example of a product that is nonexcludable and rivalrous? Al froe concert (with limity B3 thu vaconations O) automobeles D) national defense 2018-09-26 17:14:52 31) 31) The primary purpose of patents and copyrights is to A) protect domestic firms from foreign competition B) protect firms from being taken advantage of by competing tirms encourage the expenditure of funds on research and development to create new products D) provide owners with large profit forever 32) Which of the following statements best descrnbes the concept of consumer surplus? 32)_ A) Sobeys was having a sale on Chapman's ice cream so I bought 6 litres B) 1 paid S130 for a printer last week. This week the same store is selling the same printer for O 1sold my Blu-tay copy of Ben-Hhur for s18 at a garage sale even though I was welling to sell I was all ready to pay $300 for a new leather jacket that I had seen in Hudson's Bay, but1 $110 it for $10 ended up paying only $180 for the same jacket

Explanation / Answer

a) "C"

Patent and Copyright gives a monopoly and results in a higher profit. It encourages expenditure in research and development.

b) "D"

Consumer surplus is the difference between the expected price and the actual price which the consumer pay to by a good.

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