A patent is a(n)
a. government grant to an innovating firm of monopoly privilege in the production of a good or the use of a technology for a 17-year period
b. annual award of monopoly privilege to a firm for the most creative invention of the year
c. payment from the government to a firm for the most creative invention of the year
d. grant of perpetual monopoly rights to a firm issued by the government
e. expression of monopoly power in a monopolistically competitive industry
A
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Florencia has decided to make computer literacy mandatory in high schools. This is expected to bring about a technological growth and cause: a. the long-run aggregate supply curve to shift rightward
b. the long-run aggregate supply curve to shift leftward. c. an upward movement along the long-run aggregate supply curve. d. a downward movement along the long-run aggregate supply curve.
A market with many sellers, some influence over price, low barriers to entry, a differentiated product, and non-price competition often taking the form of advertising is known as
A. perfect competition. B. monopolistic competition. C. oligopoly. D. monopoly.