Intellectual property law is a body of law that includes
the right of inventors to produce their inventions
trademark, patent and trade secret legislation
the right of inventors to sell their inventions
copyright legislation, as well as all of the above
Command-and-control regulation is a body of law that
fails to consider private costs of firms
specifies allowable quantities of pollution.
details which pollution-control technologies must be used.
can include both b and c.
______________________ include both the private costs incurred by firms and also costs incurred by third parties outside the production process.
Private costs
Social costs
Market costs
External costs
In the ______________, the perfectly competitive firm will react to losses by ______________________.
short run; reducing production or shutting down
short run; increasing physical inputs
long run; increasing capital inputs
long run; reducing production or shutting down
