Why are patents in the biotechnology and semiconductor industries often irrelevant?
a. Technology is advancing very quickly.
b. Foreign countries lack intellectual property laws.
c. The length of a patent is shorter than necessary.
d. Patent laws do not apply to these industries.
a. Technology is advancing very quickly.
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China is politically authoritarian and does not have well-established property rights, characteristics which were once thought to hinder growth.
Answer the following statement true (T) or false (F)
Use the following table to answer the question below. Jorge's Production Possibilities SchedulePounds of Green BeansPounds of Corn03202024040160608080 0 If Jorge produces 20 pounds of green beans, he can produce ________ pounds of corn.
A. 160 B. 240 C. 0 D. 80
Scarcity is a condition that exists when
A) there is a fixed supply of resources relative to the demand for the product. B) there is a large demand for a product. C) resources are not able to meet the entire demand for a product. D) All of the above
In industries in which strong network effects exist, which industry structure is likely to emerge?
A) perfect competition B) monopoly C) monopolistic competition D) oligopoly