Patents Allow Manufacturers to Block the Entry of New Firms

question 196

Multiple Choice

Patents allow manufacturers to block the entry of new firms into an industry through

• A)infringement suits
• B)economies of scale
• C)limit pricing
• D)price discrimination
• E)a government franchise

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Definitions:

Conditions of Employment

The terms and circumstances under which employees are hired, including work hours, salary, benefits, job responsibilities, and work environment.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not controlled by the government.

Public Sector

The portion of the economy composed of government services and public enterprises.

Arbitration Process

A method of conflict resolution where a neutral third party renders a binding decision to resolve a dispute between parties.