Patent laws that allow the inventor to maintain monopoly rights to an invention increase the price of the product and
a. increase the profitability of inventive activities, thereby speeding up technological developments.
b. increase the profitability of inventive activities, thereby slowing down technological developments.
c. decrease the profitability of inventive activities, thereby speeding up technological developments.
d. decrease the profitability of inventive activities, thereby slowing down technological developments.
A
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A cartel is: a. a group of oligopolists who try to behave like a single monopolist and split the benefits among themselves. b. a government-approved organization for the exchange of technical information among firms
c. an industry trade group formed to lobby political leaders d. a regulated industry manufacturers association that is officially permitted to set the price of its product above long-run average total cost.
Which of the following would increase the net export component of U.S. GDP?
A. A bottle of California wine is purchased in London. B. A bottle of French wine is purchased in New York. C. A car produced in Michigan is purchased in Louisiana. D. A car produced in Japan is purchased in California.