Patents

question 87

Multiple Choice

Patents

• A) are granted only to competitive firms and not monopolies.
• B) require that monopolies increase the amount they produce.
• C) increase the incentive to capture economies of scale.
• D) increase the incentive to innovate.
• E) grant the holder a monopoly that lasts forever.

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Definitions:

Davos Man

A term referring to the global elite of wealthy and powerful individuals who are believed to attend the World Economic Forum in Davos, Switzerland, impacting global policies.

Elitist

Describing an attitude or belief that some individuals or groups, considered to be superior in intellect, heritage, or social status, should lead or have more influence.

Globalization

The method of engaging and combining efforts among individuals, corporations, and governments across the globe.

Direct Write-off

A method of accounting for bad debts where specific uncollectible accounts receivable are written off against income at the time they become uncollectible.