Explain how patents have been beneficial for markets
What will be an ideal response?
Patents increase the profitability of inventions, encouraging firms to develop new products and production processes.
You might also like to view...
When plasma television sets were first introduced prices were high and few firms were in the market. Later, economic profits attracted new firms and the price of plasma televisions fell. This example illustrates
A) that consumers receive this new technology "free of charge" in the sense that they only have to pay a price for plasma televisions equal to the lowest production cost. B) a decreasing-cost industry. C) an industry with a low minimum efficient scale. D) how fickle consumer demands are.
An investor will choose to diversify the portfolio to reduce risk.
Answer the following statement true (T) or false (F)
The theory of creative destruction implies that too much competition leads to monopolies
Indicate whether the statement is true or false
In the text, economics is defined as the science of
a. money and business. b. choices. c. scarcity. d. price. e. individuals' actions.