Patents have been defended by some on the grounds that they stimulate inventive activity. Others have argued for changes in current patent laws because:
a. resources are misallocated by the grant of a patent monopoly
b. patents may not be necessary to encourage inventive activity
c. the current patent monopoly period (17 years) is too short to encourage any inventive activity.
d. a and b only
e. all of the above
d
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For a given supply curve, the more inelastic the demand for a good,
a. the more of an excise tax that is paid by sellers. b. the less an excise tax is shifted. c. the smaller the burden of an excise tax. d. the more of an excise tax that is paid by buyers. e. the smaller the increase in market price following imposition of an excise tax
Which of the following will not cause the aggregate supply curve to shift?
a. an increase in capital stock b. a decrease in the number of workers c. a decrease in the amount of natural resource base d. a change in the price level e. an increase in the number of entrepreneurs