A patent:
a) Is a government grant of exclusive ownership of an innovation.
b) Requires a firm to share its innovations with others.
c) Protects a perfectly competitive firm from competition.
d) Is an illegal method to protect an innovative idea.
Answer: a) Is a government grant of exclusive ownership of an innovation.
Economics
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In the above table, the labor force participation rate is
A) 55 percent. B) 44 percent. C) 62 percent. D) 69 percent.
Economics
Considering a given increase in price due to a tax, the more price elastic the supply curve is, the:
A. larger the drop in equilibrium quantity. B. smaller the drop in equilibrium quantity. C. smaller the amount of deadweight loss created. D. less surplus that is transferred to consumers.
Economics