Foreign residents can benefit from U.S. research and development activity because
A. they can import the goods, obtaining inputs at lower cost than they would otherwise.
B. countries usually share patented ideas.
C. they ignore U.S. patent laws and steal the technology.
D. patents do a poor job of protecting the inventor.
Answer: A
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What happens to the quantity of labor supplied, the quantity of labor demanded, and the number of unemployed workers if the minimum wage rate set above the equilibrium wage is increased still higher?
What will be an ideal response?
Marginal revenue product can be calculated using the formula marginal product × output price
A) only if the both marginal product of labor and the output price are constant. B) only if the firm has market power in the labor market C) only if output price is constant. D) only if the marginal product of labor is constant.