Examlex
The following table provides information about production at the XYZ-TV Company. How many workers will XYZ-TV Company hire if the going wage for TV production workers is $30,000?
R&D
Research and development; activities undertaken by companies or governments to innovate and introduce new products or services.
Entry Barriers
Obstacles that prevent or hinder new competitors from easily entering an industry or area of business, potentially including high startup costs, stringent regulations, or strong brand loyalty among consumers.
Patent
An exclusive right given to inventors to produce and sell a new product or machine for 20 years from the time of patent application.
Imitation
The action of using someone or something as a model and copying their behavior or actions.
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