Explain the differences between patents and copyrights
What will be an ideal response?
A patent is an exclusive property right granted by the government to an inventor to produce and/or market an invention. Patent protection is generally granted for 20 years.
A copyright is an exclusive property right granted by the government to the creator of an original work to produce and sell that work. Copyrights cover books, song lyrics, cartoons, sculptures, and just about any other creative endeavor. Copyright protection generally lasts for the life of the creator plus 70 years.
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Referring to the previous question, as a result of the consumer's adjustment to the change in the price of Y, assuming Y is a normal good and X and Y are complements, it is reasonable to expect that the amount of Y consumed will ________, and the
amount of X consumed will ________: A) increase; decrease B) decrease; decrease C) increase; increase D) cannot be determined; cannot be determined
Is monopolistic competition efficient? Explain. What is Edward Chamberlin's view about the efficiency of monopolistic competition?
What will be an ideal response?