Patents do not
a. provide firms an incentive to research.
b. assign property rights to inventors.
c. protect the rights of inventors for their lifetimes.
d. internalize externalities.
c
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In 2009 Al Gore won the Nobel Peace Prize and was awarded $1.4 million. He donated it to his Alliance for Climate Protection. From the economic point of view his charitable project suggests
A) Gore himself no longer faced scarcity because he was in a position to give so much of his money away. B) the Alliance at least temporarily overcame scarcity because they enjoyed free resources. C) it was chosen over other uses of his money, and therefore even Gore had to economize. D) it was a ploy to gain more media attention after his Vice Presidency.
The price of services at Urban General falls by 10 percent
a. Quantity demanded at Urban General increases by 15.0 percent. b. Quantity demanded at Urban General increases by 1.5 percent. c. Quantity demanded at St.Elsewhere rises by 3.5 percent. d. Quantity demanded at St.Elsewhere falls by 5.0 percent. e. Quantity demanded at Urban General rises by 5.0 percent.