The patent system is used to ______.
a. help innovative firms prosper and promote investment in R & D.
b. prevent companies who make inventions from becoming too profitable
c. decrease investment in R & D and slow the unfettered growth of technology
d. combat overproduction and reduce the damage of negative externalities
a. help innovative firms prosper and promote investment in R & D.
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Assume the auto market is initially in equilibrium with imports from Japan taking up a significant share of the market. Now assume a quota on imports of Japanese cars is established
What will occur at the initial equilibrium price to signal market participants regarding the change that has taken place? A) A surplus is created by an increase in supply. B) A surplus is created by a decrease in demand. C) A shortage is created by an increase in demand. D) A shortage is created by a decrease in supply.
If the government places a new tax on the firing of workers, then we would expect
a. both the short run and long run Phillips curve to shift to the right. b. both the short run and long run Phillips curve to shift to the left. c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right. d. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right. e. none of the above.
If a firm triples all of its inputs and its output doubles, it is said to be experiencing
a. diminishing marginal returns b. increasing marginal returns c. diseconomies of scale d. economies of scale e. constant average costs
Of the following products, which is most standardized?
a. pizza b. concrete c. automobiles d. clothing e. paintings