What is a patent race?
What will be an ideal response?
A patent race refers to a winner-take-all race. Suppose two investors are racing to develop an invention or to patent a discovery. The investor whodevelops the invention first or files the patent first will reap all the benefits. Although the other investors may have invested the same amount of money in research and development as the investor who filed the patent, they will not get any return on their investment.
A-head: DIVERSIFICATION
Concept: Patent race
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Refer to Figure 9.2. A movement from point d to point a could be caused by a simultaneous ________ and ________
A) increase in the money supply; massive crop failure B) decrease in the money supply; increase in the price of oil C) decrease in taxes; decrease in the money supply D) decrease in government spending; decrease in the price of oil
Refer to the following table which gives the demand and cost data for a price-setting firm:
A. $104 B. $107 C. $106 D. $105 E. $108