The plusses and minuses of the patent system include the following, except:
A. It could give inventors an incentive to bear the research and development costs of new products
B. It could allow stodgy old firms to survive longer than they should against innovative rivals
C. It would prevent the existence of "patent trolls" or firms whose main purpose is to sue companies
D. It may hinder creative destruction especially in complex products that encompass several patents
C. It would prevent the existence of "patent trolls" or firms whose main purpose is to sue companies
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It is possible to represent three dimensions on a two-dimensional graph by using
A. a contour map. B. a razor blade. C. curved lines. D. All of these responses are correct.
The cross-elasticity of demand between Homer's Holesome Doughnuts and Krusty's Krispy Crullers is 5.0, which indicates that Homer's doughnuts and Krusty's crullers are
A) complements and the relationship between the two goods is strong (that is, the quantity demanded of doughnuts is very responsive to changes in the price of crullers). B) complements and the relationship between the two goods is weak (that is, the quantity demanded of doughnuts is not very responsive to changes in the price of crullers). C) substitutes and the relationship between the two goods is strong (that is, the quantity demanded of doughnuts is very responsive to changes in the price of crullers). D) substitutes and the relationship between the two goods is weak (that is, the quantity demanded of doughnuts is not very responsive to changes in the price of crullers).
The presence of information and transactions cost result in all of the following EXCEPT:
A) reduced efficiency of financial markets. B) higher returns for savers C) some funds not being lent at all D) borrowers need to pay more for funds
Returns to scale is a concept that operates
A) only in the short run. B) only in the long run. C) in both the long run and the short run. D) in either the long run or the short run, but never both.