A patent grants an inventor exclusive rights to a product for how long?
A) 14 years B) 17 years
C) 20 years D) the lifetime of the product
Question 2
Refer to Figure 3-6. The figure above represents the market for coffee grinders. Assume that the price of coffee grinders is 50. At this price,
A) there is a surplus equal to 90 coffee grinders that will be eliminated when the price falls to 25.
B) the supply exceeds the demand by 90. Some producers will have an incentive to offer to sell coffee grinders at a lower price.
C) there is a surplus equal to 90 coffee grinders and the price of coffee grinders will fall until demand is equal to supply.
D) the quantity supplied exceeds the quantity supplied by 100. The price will eventually fall to 25 where quantity demanded will equal quantity supplied.
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