Patents ________ permit investors to have a monopoly on their innovation and ________ permit them to earn economic profit.
A) do not; do not B) do; do not C) do; do D) do not; do
C) do; do
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In the 1970s, members of the Law and Economics program at the University of Chicago argued that
a. per se rules should be adopted by the Supreme Court and used to decide antitrust cases. b. large firms should always be broken up in order to encourage competition. c. large market shares may be due to efficient management or innovation. d. courts should "get out of the antitrust business".
If the money supply in an economy is increased, the interest rate will fall, and real GDP will decrease
a. True b. False Indicate whether the statement is true or false
If a supplier sells 40 light bulbs and the total revenue from this sale is $120, then what is the average revenue?
a. $3 b. $80 c. $160 d. $4,800
A market has the following characteristics: There is strategic pricing, output is somewhat restricted, there is interdependent decision making, and some long-run economic profits are possible. This market is:
A. an oligopoly. B. monopolistically competitive. C. perfectly competitive. D. a monopoly.