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Author Question: Which of the following is true? a. Patents reduce a firm's incentive to develop new products. b. ... (Read 54 times)

leo leo

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on: Jun 30, 2018
Which of the following is true?
 a. Patents reduce a firm's incentive to develop new products.
  b. Patents are given for new works of art or literature.
  c. Patents give a permanent exclusive right to produce a new good.
  d. Patents give a temporary exclusive right to produce a new good.
  e. Patents guarantee economic profits.

Question 2

Which of the following is likely to be present in a perfectly competitive market?
 a. patents
  b. government licenses
  c. nonprice competition such as advertising
  d. high capital costs
  e. firms producing identical products


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frankwu0507

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Reply #1 on: Jun 30, 2018
Answer to Question 1

D

Answer to Question 2

E


leo leo

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

billybob123

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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