Compared to other countries, the U.S. government is very concerned with intellectual property rights. This can explain, in part, the success of its software, computer and other electronic industries
Indicate whether the statement is true or false
True
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Why do patents stimulate research?
A) Patents give firms time to do research. B) Patents give firms the opportunity to recover research costs and thus a profit motive. C) Firms would research as much even without patents. D) Patents don't stimulate research.
The present value of a sum to be received in the future is greater
A) the greater the interest rate. B) the less the time period before receiving the sum. C) the greater the inflation rate. D) the greater the discount rate.
Equilibrium quantity must increase when demand
a. increases and supply does not change, when demand does not change and supply increases, and when both demand and supply increase. b. increases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. c. decreases and supply does not change, when demand does not change and supply decreases, and when both demand and supply increase. d. decreases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease.
Which of these statements about cartel pricing power is true?
A. The larger the share of world production controlled by the cartel, the higher the price set by the members will be. B. The more inelastic the market demand for the cartel's product, the lower will be the price that the cartel members can charge to maximize profits. C. The larger an unexpected increase in unsold inventories is, the higher the price set by the cartel members will be. D. The greater the elasticity of supply of the non-cartel members, the higher the price set by the cartel members will be.