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Some economists argue that private firms will not undertake the efficient amount of basic scientific research.
a. Explain why this might be so. Classify basic research in one of the categories; private goods, natural monopolies, common resources, public goods
b. What sort of policy has the United States adopted in response to this problem?
c. It is often argued that this policy increases the technological capability of American producers relative to that of foreign firms. Is this argument consistent with your classification of basic research in part (a)?
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Elite coffee and bakery, a cafΓ© that offers a relaxing environment to enjoy quality coffees, teas, soups, and other menu items, has a poster in the front of its restaurants that reads, "we will always provide a quality product to our customers better meet the challenges of their day and always take the time to offer caring service one person at a time." this statement is elite's
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Some economists argue that private firms will not undertake the efficient amount of basic scientific...
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