Since Patent Laws Create Monopoly Power in the Short Run

question 131

Multiple Choice

Since patent laws create monopoly power in the short run and thus provide a strong incentive for firms to undertake the risk and effort involved in the development of a technological improvement, we can expect that patent laws

• A) are inefficient.
• B) are damaging to consumer welfare in the long run.
• C) reflect the power of special interests and the impact that they exert on the regulatory policy.
• D) may lead to improved products at a lower cost in the long run.

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Definitions:

Gender Differences

Variations in characteristics, behaviors, physical, psychological, and social traits typically associated with being male or female.

Mating Preferences

The criteria or qualities an individual looks for in a partner when choosing a mate.

Evolutionary Perspective

A theoretical approach that explains various aspects of human nature as a result of evolutionary processes that have shaped the survival and reproductive success of our ancestors.

Casual Sex

Sexual activity occurring outside of a long-term romantic relationship without the expectation of commitment.