Which of the following firms rely on patents the most as the barrier to keep other firms from entering the industry?
A. pharmaceutical firms
B. textbook publishers
C. law firms
D. wine makers
Answer: A
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Identify the six basic requirements that economists generally agree must exist for a successful transition from socialism to a market-based system
What will be an ideal response?
According to the ________ theory of regulation, regulators must take into account the preferences of legislators, consumers, and producers.
A. share-the-gains, share-the-pains B. public interest C. capture D. general interest
The notion that technological change is not random but instead is driven by the pursuit of profits is an essential element of
A) classical growth theory. B) neoclassical growth theory. C) the new growth theory. D) perpetual growth theory.
Average variable cost is at a minimum at the same amount of output at which
A) average product is at a maximum. B) marginal product is at a maximum. C) average product is at a minimum. D) marginal product is at a minimum.