What is a patent?
What will be an ideal response?
A patent is an example of a barrier to entry that grants exclusive use of the patented product or process to the inventor for a specified period of time.
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The policy tool of "credit easing" refers to the ________
A) Treasury's issuance of federal debt to finance home buying B) federal government's requirement that the Fed must lend directly to home buyers C) Fed's requirement that the federal government must lend to directly to home buyers D) Fed's purchase of private securities to stimulate banks' lending E) Fed's lowering of the federal funds rate to zero
The long-run equilibrium position of the monopolistic ally competitive firm occurs at a point where average costs are:
A. Constant B. Increasing C. Decreasing D. At their minimum point