A patent is
A. a recognizable right to the profits associated with a new product or new way of making goods granted by business associations.
B. the right to make a product and sell it at a reasonable price.
C. a government protection that gives an inventor the exclusive right to the invention for a limited time period.
D. a government protection that gives an inventor the exclusive right to the invention for an unlimited time period.
Answer: C
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Nondeliverable forward exchange markets in centers such as Hong Kong and Singapore help to circumvent which problem?
A) loss of goods shipped from Hong Kong and Singapore B) inconvertible currencies cannot be traded in foreign markets C) lag between the spot exchange date and the value date D) high travel costs from Asia to "traditional" foreign exchange markets E) unstable currencies that hold no purchasing power
The authors note that advertising can make the consumer demand for a product more elastic (price responsive) by expanding the potential range of consumers
As this change in demand occurs (ceteris paribus), what happens to the optimal advertising-sales ratio? A) Increases B) Decreases C) Remains the same D) We do not have enough information to answer this question