Firms free ride on the research and development of other firms when they
A) buy a firm's newly developed product, and then give it away to consumers.
B) choose a level of research and development that is inefficiently high.
C) license a new technology from a firm that developed the new technology.
D) use knowledge other firms have developed without paying for that knowledge.
Question 2
Assume that firms in a perfectly competitive market are earning economic profits. Which of the following statements describes the change in market price and output as a result of the entry of new firms into this market?
A) The short-run market supply curve shifts to the right, causing price to fall and total market output to increase.
B) The short-run market supply curve shifts to the left, causing price to rise and total market output to decrease.
C) The market demand curve shifts to the left, causing price to fall and market output to decrease.
D) The market demand curve shifts to the right, causing price to rise and market output to increase.
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