All patent protected products would not have been developed without patent protection.
Answer the following statement true (T) or false (F)
False
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Following the lifting of price controls that had been implemented in the early 1970s, inflation skyrocketed. Economists' explanations for this acceleration in the price level include:
a. the increase in the money supply that also occurred during the early 1970s. b. increases in the federal government deficit, especially in 1971 and 1972. c. supply-side shocks in oil and food. d. the release of inflationary pressures that built up during the period of price controls. e. All of the above.
If the typical firm in a perfectly competitive market was depicted in the graph below, what would be most likely to occur?
A. New firms would be likely to enter, increasing the market price. B. New firms would be likely to enter, decreasing the market price. C. Existing firms would be likely to exit, increasing the market price. D. Existing firms would be likely to exit, decreasing the market price.
It is true that:
A. equal increases in government spending and taxes do not change the equilibrium GDP. B. equal increases in government spending and taxes reduce the equilibrium GDP. C. equal increases in government spending and taxes increase the equilibrium GDP. D. taxes have a stronger effect upon equilibrium GDP than do government purchases.
In a perfectly competitive market, firms in the long run earn zero economic profits. Why?
What will be an ideal response?