1. Intellectual property law is a body of law that includes

   		the right of inventors to produce their inventions
   		trademark, patent and trade secret legislation
   		the right of inventors to sell their inventions
   		copyright legislation, as well as all of the above

2. Command-and-control regulation is a body of law that

   		fails to consider private costs of firms
   		specifies allowable quantities of pollution.
   		details which pollution-control technologies must be used.
   		can include both b and c.

3. ______________________ include both the private costs incurredby firms and also costs incurred by third parties outside theproduction process.

   		Private costs
   		Social costs
   		Market costs
   		External costs

4. In the ­­______________, the perfectly competitive firm willreact to losses by ______________________.

   		short run; reducing production or shutting down
   		short run; increasing physical inputs
   		long run; increasing capital inputs
   		long run; reducing production or shutting down