The Example of Decoding the Human Genome Through Both a Private

question 35

Multiple Choice

The example of decoding the human genome through both a private effort (Celera) and an open-source effort (the Human Genome Project) illustrates that ________.

• A) monopolies are always inefficient
• B) patent protection is necessary to provide firms an incentive to innovate
• C) patent protection may sometimes hinder innovation
• D) marginal cost pricing is the most efficient form of price regulation

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Definitions:

Standard Of Living

The degree of wealth, comfort, material goods, and necessities available to an individual, group, or society.

Inflation Rate

The rate expressed as a percentage at which the average price level of goods and services increases, leading to a decrease in purchasing power.

CPI

A rephrased definition for Consumer Price Index, which tracks changes in the price level of a market basket of consumer goods and services purchased by households.

Dividing

The arithmetic operation of distributing a quantity into equal parts or groups.