Why do some firms choose not to file for a patent and instead try to keep the results of their research a trade secret?
A) because firms must disclose information about the product or process being patented in a patent application
B) because a patent only gives the inventor exclusive rights to a product or process for 5 years
C) because trade secrets provide the same exclusive legal rights to a product as a patent does
D) because trade secrets are never divulged
A
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The major economic effect of Medicare subsidies is
A) that the number of physicians has decreased since compensation is low. B) to increase the price of medical services and reduce the quantity demanded. C) to increase the price of medical services and increase the quantity demanded. D) to lower the price of medical services and reduce the quantity demanded.
To counteract relative price changes, the government would implement:
A. polices that affect the supply and demand for a specific good. B. fiscal policy. C. monetary policy. D. policies that affect the supply and demand for all goods and services.