Which of the Following Is True

question 104

Multiple Choice

Which of the following is true?

• A)Patents reduce a firm's incentive to develop new products.
• B)Patents are given for new works of art or literature.
• C)Patents give a permanent exclusive right to produce a new good.
• D)Patents give a temporary exclusive right to produce a new good.
• E)Patents guarantee economic profits.

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Definitions:

T-statistic

A ratio used in hypothesis testing that compares the observed difference between sample mean and the population mean relative to the sample variability.

Sample Mean

The average of all the data points in a sample.

Z-statistic

The Z-statistic is a type of standard score that indicates how many standard deviations an element is from the mean, used in hypothesis testing for normal distributions.

Standard Error

A measure that describes the distribution of sample means around the population mean in a sampling distribution.