A patent is a property right, which gives the owner
A) the right to sell and/or license the invention.
B) the ability to make the knowledge of how to make the invention rival.
C) a guaranteed profit.
D) All of the above.
A
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Under the Texas law known as "rule of capture," land owners "get to pump as much of the water under it as they want. . .. 'This means whoever sucks it out first, it's their water'-even if that means there isn't enough left for others." Under this law, pumping large amounts of water:
A. imposes a negative externality on others. B. imposes the free rider effect on others. C. imposes a positive externality on others. D. is a private decision with no effects on others.
When the wage rate is $10 per hour and the MPP of a worker is 15 units per hour, the unit labor cost is
A. $10.00 per hour. B. $0.67 per unit. C. $150.00 per hour. D. $15.00 per unit.
A firm's short-run supply curve shows the relationship between price and quantity supplied.
Answer the following statement true (T) or false (F)
The balance of payments consists of the
A. current account, capital account, and official reserve transactions account. B. capital account, official reserve transactions account, and recent account. C. current account, capital account, and gold flows. D. current account, official reserve transactions account, and monetary account.