Patents
A) are a legal barrier to entry.
B) remove legal barriers to entry.
C) create economies of scale.
D) decrease the incentive to innovate.
E) are prohibited in the United States.
A
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In a world where the price level could adjust immediately to its new long-run level after a money supply increase
A) The dollar interest rate would increase because prices would adjust immediately and prevent the money supply from rising. B) The dollar interest rate would fall because prices would adjust immediately and prevent the money supply from rising. C) The dollar interest rate would fall because prices would adjust immediately and prevent the money supply from decreasing. D) The dollar interest rate would decrease because prices would adjust immediately and prevent the money supply from decreasing. E) The dollar interest rate would fall because prices would not be able to prevent the money supply from rising.
Choices need to be made because of all of the following, except limited _____
a. resources b. income c. wants d. time e. availability of goods