When governments grant patents:
A. producers earn profits that are substantially higher than would occur in a competitive market.
B. consumers pay a higher price than they would in a competitive market.
C. consumers are likely to pay lower prices than they would in a competitive market.
D. both producers earn profits that are substantially higher than would occur in a competitive market and consumers pay a higher price than they would in a competitive market are correct.
Answer: D
You might also like to view...
Use the following table, which lists output quantities and prices for the only three goods in the economy, to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250The Consumer Price Index for the year 2008 is
A. 180.5. B. 126.5. C. 171.5. D. 147.5.
All other things constant, an increase in the wage rate will: a. decrease the quantity of labor supplied. b. increase the quantity of labor supplied. c. increase the supply of labor
d. decrease the supply of labor.
If Asian economies suffer a serious economic slump, what will happen to U.S. net exports and Aggregate Demand (AD)?
What will be an ideal response?
Refer to the information provided in Table 21.4 below to answer the question(s) that follow. Table 21.4
Refer to Table 21.4. The value for GDP in billions of dollars is
A. 910. B. 920. C. 950. D. 1,050.