Free Market ACE

Front

What is the primary focus of price competition in a free enterprise system?

Back

Sale price of a product

Front

What is the term for the amount of goods producers are willing to make and sell?

Back

Supply

Front

What is the economic cost of unprofitable firms?

Back

Lay off employees

Front

Which of the following is NOT a type of patent? Utility patent, Design patent, Copyright patent, Plant patent

Back

Copyright patent

Front

What happens to a patent when it expires?

Back

The invention enters the public domain.

Front

How often must maintenance fees be paid to the U.S. Patent and Trademark Office after a patent is granted?

Back

Every 3.5, 7.5, and 11.5 years

Front

What can an inventor do if a patent expires due to nonpayment of maintenance fees?

Back

Pay the fees and reinstate the patent within two years.

Front

Select the best definition for the term: Competition

Back

Contest between businesses to win customers business and loyalty.

Front

Competition forces businesses to search for new ways to satisfy customers' wants and needs.

Back

True

Front

Which graph has the proper labels on the axis for a demand curve? Options: Graph A, Graph B, Graph C, Graph D

Back

Graph C