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:

Penetration Rate

The percentage of a target market that has purchased a particular company's product or service over a specific period.

Niche Markets

Segments of a larger market defined by their own unique needs, preferences, or identity, making them distinct from the market at large.

Supply-Side Policies

Economic strategies aimed at increasing production and supply by improving the efficiency and incentives for businesses to produce goods and services.

Federal Reserve System

The central banking system of the United States, responsible for implementing monetary policy and ensuring financial stability.