Patents and Copyrights

question 23

Multiple Choice

Patents and copyrights

• A)are illegal in the United States
• B)reduce barriers to entry in markets
• C)protect small firms from large firms
• D)lead to increased output and decreased prices
• E)provide incentives for firms to engage in research and development

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Definitions:

Marginal Product

The additional output gained by employing one more unit of a specific input, holding all other inputs constant.

Market Wage

The average wage earned by workers in a specific market or industry, determined by the supply and demand for labor in that market.

Market Price

The current price at which an asset or service can be bought or sold in a particular market, determined by supply and demand forces.

Make Money

The process of earning a financial profit or income.