A patent on a product gives a firm
A) protection from having the invention copied or stolen for a period of 20 years.
B) economies of scale in producing the product.
C) excessive profits in the long run.
D) the power to impose a tariff on a competing product.
A
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Oligopoly is a market structure in which
A) many firms each produce a slightly differentiated product. B) one firm produces a unique product. C) a small number of firms compete. D) many firms produce an identical product. E) the number of firms is so small that they do not compete with each other.
What are the likely effects of a sovereign debt crisis in terms of the government's ability to finance its debt?
What will be an ideal response?
Consider the market for nonalcoholic beers from the previous question. Boors' price in a Nash equilibrium (assuming Bertrand competition in these differentiated beers) is about
a. 1.71 b. 2.55 c. 3.55 d. 4.29
Because most people prefer smartphones to flip phones, firms can improve efficiency by
A. stopping production of flip phones and starting production of smartphones. B. stopping production of both flip phones and smartphones. C. increasing production of both flip phones and smartphones. D. starting production of flip phones and stopping production of smartphones.