What is a patent, and how does it encourage innovation?
What will be an ideal response?
Patents allow innovators to temporarily prevent others from copying their inventions in the United States, allowing the innovators to gain a larger share of the returns from the inventions. With the potential profit going to the inventors rather than being spread across imitators, the inventors have a stronger incentive to innovate.
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Robert is a doctor who earns an average hourly wage of $80. His wife is a teacher and earns an average hourly wage of $35. His daughter works in her college library and earns $12 per hour while his son is a lawyer and earns $60 per hour
If one of them must stay back at the house on a working day to look after their ailing pet, who can do it at the lowest opportunity cost? A) His son B) Robert C) His wife D) His daughter Mike and John work as waiters in a restaurant. Mike can efficiently wait on 10 customers per hour while John can efficiently wait on 7 customers per hour. The restaurant also has a bar. If both of them work as bartenders, Mike is able to serve 9 customers per hour while John is able to serve 10 customers per hour.
When the marginal productivity of labor decreases, the demand curve for labor in a perfectly competitive market
A) does not change. B) becomes flatter. C) shifts to the right. D) shifts to the left.
Just after the terrorist attack on September 11, 2001, the Fed stood ready to lend financial institutions funds. When the Fed did this, it was acting in its role of lender of last resort
a. True b. False Indicate whether the statement is true or false
Which of the following countries is least likely to have a dual economy?
A. Austria B. India C. Brazil D. South Africa