After a Patent on a Product Expires

question 102

Multiple Choice

After a patent on a product expires,

• A) other firms must wait to mimic the product.
• B) all negative and positive externalities are internalized.
• C) rivals can start to mimic the product.
• D) no other firms can mimic the product.
• E) no further profits are able to be made by the original producer of the good.

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Definitions:

Compressed Workweek

An alternative work arrangement that allows a full-time job to be completed in fewer days than the traditional five-day workweek, often involving longer daily hours but resulting in an additional day off.

Organisation Disadvantages

Refers to the potential drawbacks or negative aspects that can arise within an organization, such as inefficiency, communication breakdowns, or decreased morale.

Individual Benefits

Advantages or gains that accrue directly to a person from their actions or investments.

Flexible Working Hours

Give employees some choice in the pattern of daily work hours.