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[answered] c. Even though Acme has a patent on its particular type of


c. Even though Acme has a patent on its particular type of anvil, there are many other potential anvil makers out there. Which of the following is most likely to happen in the long run?

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Other firms will copy Acme?s anvils exactly and hope they do not get caught for violating Acme?s patent.
Other firms will simply take Acme?s price as being the market price and sell as many anvils as they can at that price.
Other firms will look for other innovations to try to capture some of Acme?s profits.

Other firms will leave the market because of Acme?s patent.

 


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