A monopoly has produced a product with a patent for the last few years. The patent is going to expire. What will likely happen to the demand for the patent-holder's product when the patent runs out?
A. Nothing.
B. Demand will increase.
C. Demand will decline.
D. None of the answers is correct.
Answer: C
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
In general, a fine on buying a product leads to the
A) supply curve shifting rightward. B) supply curve shifting leftward. C) demand curve shifting rightward. D) demand curve shifting leftward.
Public debt held by foreigners is known as
a. international debt b. external debt c. tariffs d. custom duties e. debentures
Two components of labor are:
A) residential location and education. B) natural ability and human capital. C) money and financial wealth. D) ingenuity and job-specific machinery.