Patents and copyrights are designed to
a. eliminate above-normal profit in the short run
b. move monopoly prices closer to prices that would occur under perfect competition
c. prevent the capitalization of monopoly profit
d. allow a period of above-normal profit to encourage innovation
e. limit a monopoly's rent-seeking activities
D
Economics
You might also like to view...
The process by which new products and methods of production are continuously replacing old ones is known as
a. the invisible hand principle. b. the production possibilities frontier. c. creative destruction. d. the fallacy of composition.
Economics
In the circular-flow diagram,
a. firms own the factors of production. b. the factors of production are labor, land, and capital. c. the factors of production are also called "output.". d. All of the above are correct.
Economics