Proprietary technology is technology that is
a. widely used because it is easy to learn.
b. widely used because the government subsidizes its use.
c. not widely used because people could, but have not, taken the time to learn how to apply it.
d. not widely used because it is known or controlled only by the company that discovered it.
d
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The figure above shows the market for private elementary school education in Chicago. There is no external cost of private elementary education. If the government does not intervene in this market, the deadweight loss equals
A) 0. B) $800,000. C) $1,600,000. D) more than $1,600,000. E) more than $800,000 and less than $1,600,000.
Which of the following is not considered a barrier to entry?
a. patents b. government licenses c. economies of scale d. diseconomies of scale e. control over essential resources
The cure for inflation can come only from changes on the demand side
a. True b. False Indicate whether the statement is true or false
How does innovation differ from invention and diffusion? How does innovation affect competition among firms?
What will be an ideal response?