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According to the profit maximization rule, a firm maximizes (BLANK) where (BLANK) equals price. An (BLANK)...

According to the profit maximization rule, a firm maximizes (BLANK) where (BLANK) equals price.

An (BLANK) demand curve results when a change in (BLANK) has relatively little effect on quantity demanded.

(BLANK) elasticity of (BLANK) measures how responsive consumers are in terms of the amount they purchases when price changes.

(BLANK) give exclusive rights to sell or license the use of an invention or creation.

(BLANK) of an essential resources can create a barrier to entry by rival firms into a particular market.

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Answer #1

According to the profit maximization rule, a firm maximizes Profits where Marginal cost equals Price.

An Inelastic demand curve results when a change in Price has relatively less effect on quantity demanded.

Price elasticity of demand measures how responsive consumers are in terms of the amount they purchase when price changes.

Patents give exclusive rights to sell or licence the use of an invention or creation.

Monopoly of an essential resources create a barrier to entry by rival firms in to a particular market.

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