For which of the following firms is patent protection of vital importance?
A) software firms B) pharmaceutical firms
C) furniture producers D) auto makers
B
Economics
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The loss of efficiency that occurs in monopolistic competition has to be weighed against the gain of
A) higher wages for employees. B) an increase in employment. C) greater product variety. D) reduced environmental damage.
Economics
Exhibit 7-4 A marginal product curve
As shown in Exhibit 7-4, the law of diminishing returns applies in the range of:
A. over 1 workers per day. B. over 3 workers per day. C. between 0 and 3 workers per day. D. between 0 and 5 workers per day.
Economics