Patent laws promote technical progress in all of the following ways except one. Which is the exception?
a. They allow other firms to copy successful products as soon as they are marketed.
b. They prevent duplication of inventions.
c. They provide a stimulus to innovation.
d. They provide the inventor with a temporary monopoly.
e. They increase a firm's incentive to incur the up-front costs of developing new products.
A
Economics
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"Perfectly competitive firms have total control over the price they set for their product." Explain why the previous statement is correct or incorrect
What will be an ideal response?
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Assume that you borrow $2000 at 10% annual interest to finance a new business project. For this loan to be profitable, the minimum amount this project must generate in annual earnings is
A) $400. B) $201. C) $200. D) $199.
Economics