The laws governing patents and copyrights
a. eliminate the need for firms to engage in research and development.
b. are intended to serve private interests, not the public's interest.
c. reduce fixed costs for firms that obtain them.
d. None of the above is correct.
d
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In the United States, the annual growth rate of real GDP per hour worked between 2006 and 2014 averaged
A) -0.3%. B) 1.2%. C) 6.9%. D) 10.2%.
Suppose that a monopolist must choose between two points on its demand curve; it can sell 100 units for $3 each, or it can sell 160 units for $2 each. Which of the following is true?
a. The monopolist is facing an elastic demand. b. The monopolist is facing unit elastic demand. c. The monopolist is facing inelastic demand. d. The monopolist is facing perfectly elastic demand. e. The elasticity of demand cannot be determined with the information given.