A patent is a government protection that gives
A) monopolies the right to be sole producers due to economies of scale.
B) consumers the right to sue when products are unsafe.
C) companies the right to produce any good they choose.
D) inventors exclusive rights to their product for a time.
D
Economics
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The welfare costs of rent seeking will approximate _____
a. the value of the resources expended in lobbying b. the deadweight loss of taxation c. the value of the rent-seeking benefits d. zero if political markets are perfectly competitive
Economics
Can a Nash equilibrium fail to be Pareto optimal? Can a Pareto optimal outcome fail to be a Nash equilibrium? Justify your answers using the Prisoners' Dilemma game.
What will be an ideal response?
Economics