What is a patent race? What will be an ideal ...

[imanialler]

What is a patent race?
 
  What will be an ideal response?

Question 2

When the price of good X rises, the demand for good Y falls. Explain what this relationship implies about the two goods.
 
  What will be an ideal response?

[heinisk01]

Answer to Question 1

A patent race refers to a winner-take-all race. Suppose two investors are racing to develop an invention or to patent a discovery. The investor whodevelops the invention first or files the patent first will reap all the benefits. Although the other investors may have invested the same amount of money in research and development as the investor who filed the patent, they will not get any return on their investment.
A-head: DIVERSIFICATION
Concept: Patent race

Answer to Question 2

Goods X and Y must be complements. When the price of good X rises, the quantity of good X demanded will fall. If the demand for Y also falls, the two goods must be used together.

[imanialler]

Thanks for the timely response, appreciate it

[recede]

Great answer, keep it coming