Stricter laws and regulations to protect intellectual property rights
A) will tend to have little impact on an economy since intellectual property is not tangible.
B) will create a stronger and more successful black market for intellectual property.
C) will help to create a more successful market system.
D) will only benefit those companies whose intellectual property rights have in the past been ignored.
C
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In which market structure do firms exist in very large numbers, each firm produces an identical product, and there is freedom of entry and exit?
A) monopoly B) oligopoly C) only perfect competition D) only monopolistic competition E) both perfect competition and monopolistic competition
Neoclassical economics assumes the following as major motivators of decisions and actions, except:
A. Utility maximization B. Loss minimization C. Sense of fairness D. Self-interest