Android - Can bought Android apps be shared between devices you own?

On your phone open the Android Market app, press Menu, then select Help, then choose Troubleshooting (under Users), you should now see the "Retrieving previously purchased apps" headline. This says:

Your application purchases are tied to your Google Account and can be installed an unlimited number of times on any device.

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If you change devices, you can install previous purchases by making sure you sign into your device with the same Google Account you used on your previous phone.