If the government altered its invention patent policy from a monopolistic policy to a competitive policy, then consumers
A. would face higher prices and less quantity in the long-run.
B. would face lower prices and less quantity in the short-run
C. would benefit from the lower price and greater quantity sold.
D. would benefit from lower prices due to increased public investments
Answer:C
If the government altered its invention patent policy from a monopolistic policy to a competitive policy, then consumers
A. would face higher prices and less quantity in the long-run. B. would face lower prices and less quantity in the short-run C. would benefit from the lower price and greater quantity sold. D. would benefit from lower prices due to increased public investments
Explanation: Type: Multiple Choice