The Polaroid corporation earned a patent for its instamatic camera in the 1960s. If the constitutional length of patent protection is 20 years, why do you believe Polaroid's effective use of its patent ended much earlier?
What will be an ideal response?
The reason is that patents are only valuable for as long as the public values the product. In the 1970s the popular introduction of the 35 mm camera cut into the sales of Polaroid and reduced the economic value of their patent even though the legal life had not yet expired.
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Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years
Assuming taxes are zero, if Hector receives an unexpected $20,000 increase in salary his first year of work and he completely smooths consumption over his lifetime, his annual consumption is A) $67,500 B) $75,000. C) $80,000. D) $111,111.
The NAFTA agreement affects our trade with
A. Asia. B. North America. C. Africa. D. The OPEC nations. E. The European Common Market.