Governments grant patents to
A) encourage low prices.
B) compensate firms for research and development costs.
C) encourage firms to reveal secret production techniques.
D) encourage competition.
B
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An economy has two workers, Paula and Ricardo. Everyday they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the opportunity cost for Ricardo to produce one shirt?
A. ¼ computer B. 4 computers C. 2 computers D. ½ computer
By spreading her investments out over many different assets, an investor achieves
A) a higher expected return. B) increased risk. C) diversification. D) greater liquidity.
GDP minus the net income of foreigners is: a. personal income
b. national income. c. GNP. d. net national income.
Limits to collusion include
a. price discrimination b. economies of scale c. horizontal market demand curves d. high prices e. incentives to cheat on the collusive agreement