(Answered) Willie stand obtains a patent on his new invention the

Economics

Willie Stand obtains a patent on his new invention, the bipod. After twenty years,

a. Willie will continue to earn a positive economic profit, because entry will not affect the price of bipods

b. new entrants will begin bipod production if price exceeds average variable cost

c. new entrants will drive up the price of the bipod

d. he can renew his patent

e. Willie will eventually earn no more than a normal profit

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Microeconomics, Economics

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