A patent
a. tends to discourage further innovation, since there are no other competitors to "push" the patentee
b. prevents anyone else from buying the same discovery or product for twenty years
c. grants exclusive rights over the protected firm for at least fifty years
d. is an infringement against an exclusive business right
e. prevents anyone else from selling the same discovery or product for twenty years
E
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The elasticity of demand along the demand curve shown in the above figure is constant and equal to 1. Thus
A) area 0BCF equals area 0AGF. B) area 0BCF equals area FGDE. C) area 0BCF equals area 0ADE. D) area ABCG equals area 0AGF.
Monopolies can make an economic profit in the long run because there
A) are close substitutes for the product. B) is free entry and exit. C) is inelastic demand from consumers. D) is a barrier to entry.