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Identify and discuss the basic components of an attractive business climate. Comment on the extent to which a fast food restaurant franchise might make a different assessment of relevant factors than would a capital-intensive business such as an oil refinery and pipeline company.
Patents
Legal documents granting an inventor exclusive rights to produce, use, and sell their invention for a certain period, preventing others from copying.
Long-Run Supply Curve
A graphical representation that shows how the quantity of goods supplied by an industry changes over time in response to changes in price, assuming that all inputs can be varied.
Increasing-Cost Industry
An industry in which the costs of production increase as the industry's output expands, typically due to resource limitations or increased demand for inputs.
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