As a means of motivating research and development, a patent may stimulate either too much or too little research, relative to the socially optimal level
Indicate whether the statement is true or false
T When only a part of the consumer surplus gain may be appropriated by the discoverer, there may be too little research. When firms might gain at the expense of other sellers, even when consumers gain little, there can be too much research.
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When the quantity of money supplied equals the quantity of money demanded, then
A) the goods market is in equilibrium. B) the asset market is in equilibrium. C) the money market is in equilibrium. D) the money market is not in equilibrium.
Countries with a high level of bureaucratic inefficiency tend to have low rates of real GDP growth because
A) of complications that keep capital goods from flowing to their most efficient use. B) of poor accounting practices when determining real GDP. C) of poor management skill development in companies. D) they facilitate capital goods development.