A patent on a product gives a firm
A) protection from having the invention copied or stolen for a period of 20 years.
B) economies of scale in producing the product.
C) excessive profits in the long run.
D) the power to impose a tariff on a competing product.
A
Economics
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In the figure above, the dark triangle is the
A) consumer surplus. B) deadweight loss. C) producer surplus. D) total cost. E) economic profit.
Economics
The bond supply curve is ________ sloping, indicating a(n) ________ relationship between the price and quantity supplied of bonds, everything else equal
A) downward; inverse B) downward; direct C) upward; inverse D) upward; direct
Economics