A patent gives the inventor monopoly control over the patented good. Patents also
a. lead to lower prices for goods
b. create incentives to develop new products.
c. lead to an increase in the number of producers of the patented good.
d. lead to increased entry into the market for the patented good.
b
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Bank X had a reputation for asking few questions when it provided loans. Five years later, the majority of the loans were not repaid. This is because the bank had failed to address the
A) moral hazard problem. B) free-rider problem. C) contrary selection problem. D) adverse selection problem.
Marginal social costs are equal to
A. marginal private costs + marginal external costs. B. marginal private costs - marginal external costs. C. marginal private costs + marginal internal costs. D. marginal private costs - marginal internal costs.
A person buys a bond with a face value of $10,000 for $9,325. Each year until the maturity date the bond buyer receives $750 from the issuer of the bond. The yield on the bond is
A) 8.04 percent. B) 7.5 percent. C) 10.0 percent. D) 6.75 percent. E) There is not enough information to answer the question.
Industrialized countries generally have higher levels of educational attainment compared with poorer countries.
Answer the following statement true (T) or false (F)