Reasons that technological firms should avoid licensing:
firms have difficulties finding highly skilled labor to make that products
foreign markets often lack the technological infrastructure to support production
foreign governments fear that high-tech firms threaten national security
intellectual property might end up in the hands of potential competitors
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The monopolistic competition model assumes that:
A. allocative efficiency will be achieved. B. productive efficiency will be achieved. C. firms will engage in nonprice competition. D. firms will realize economic profits in the long run.
Comparative advantage is the ability to
A. determine who your best trading partners are. B. determine the best use of capital goods. C. convince others of the best choices to make in their own self-interest. D. perform an activity at a lower opportunity cost.
A point outside a production possibilities curve indicates
A) that resources are not being used efficiently. B) that resources are being used very efficiently. C) opportunity costs are constant. D) an output combination that is unobtainable with the current resource and technology levels.
On an annual basis, Americans spend about as much on health care as they do on
A) food. B) clothing. C) transportation. D) housing.