Legally, a patent grants a firm an exclusive right to its innovation for a period of
a. 1 year
b. 5 years
c. 10 years
d. 14 years
e. 17 years
E
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Buyers scrambled to secure stocks of Australian wool following a forecast of an 11 percent decline in wool production. What happens in the Australian wool market as a result of this announcement?
A) The quantity of Australian wool demanded increases in anticipation of higher prices in the future. B) The demand curve for Australian wool shifts to the left in anticipation of higher prices in the future. C) The quantity of Australian wool demanded decreases in anticipation of lower quantities in the future. D) The demand curve for Australian wool shifts to the right in anticipation of higher prices in the future.
Critics of government frequently assert that special interest groups favor transfer policies rather than economic growth policies.
Answer the following statement true (T) or false (F)
Acme Steel Co produces 1000 tons of steel. Steel sells for $30 per ton. Acme pays wages of $10,000. Acme buys $15,000 worth of coal, which is needed to produce the steel. Acme pays $2,000 in taxes. Acme's contribution to GDP is
A) $15,000. B) $20,000. C) $30,000. D) $45,000.
An oligopoly using a maximin strategy must believe that the losses from underestimating a competitor's skill are worse than those from overestimating it
a. True b. False Indicate whether the statement is true or false