Author Question: The patent system is intended to: a. prevent natural monopolies from unfairly exploiting their cost ... (Read 79 times)

Tirant22 · **on:** Jun 30, 2018

The patent system is intended to:
a. prevent natural monopolies from unfairly exploiting their cost advantages.
b. reward innovators by granting them temporary monopolies.
c. spread information among firms as quickly and economically as possible.
d. give small businesses a competitive edge over larger businesses.

Question 2

The effect of an import quota on the domestic market is to shift the:
a. demand curve to the right by the amount of the quota.
b. demand curve to the left by the amount of the quota.
c. supply curve to the right by the amount of the quota.
d. supply curve to the left by the amount of the quota.
e. consumers' marginal utility curves if they prefer foreign goods to domestic goods.