The merits of a patent system include:
A. the patent system gives firms strong incentives to take the risk of substantial research and development costs.
B. the patent system may precipitate the development of new products.
C. granting monopoly power through a patent may be beneficial from society's perspective.
D. All of these.
Answer: D
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The slope in the above figure is
A) negative and increasing. B) negative and decreasing. C) positive and increasing. D) positive and decreasing.
Why is the pricing outcome of a perfectly competitive firm efficient in economic sense?
What will be an ideal response?
An oligopoly with two firms is known as:
A. a duopoly. B. a two-opoly. C. a double market. D. duopolistic competition.
If the current mix of output is at point A and the optimal mix of output is at point D, does a market failure exist?
