Asked by Emily Gellis on May 28, 2024
Verified
A firm that develops a new technology is the beneficiary of a ________ scarcity,while a firm that controls a patent is the beneficiary of a _________ scarcity.
New Technology
The latest advancements and innovations in methods, tools, or devices that improve efficiency, productivity, or performance in various fields.
Patent Scarcity
Refers to the situation where there is a lack of available patents, often due to high competition or rigorous patenting criteria which can limit innovation.
Natural Scarcity
A situation where resources are limited in availability due to natural conditions, not enough to meet unlimited human wants.
- Recognize the benefits associated with entrepreneurial endeavors, such as innovation and the identification of market opportunities.
Verified Answer
MM
Learning Objectives
- Recognize the benefits associated with entrepreneurial endeavors, such as innovation and the identification of market opportunities.