If a pharmaceutical company discovers a new drug and successfully patents it, patent law gives the firm
a. partial ownership of the right to sell the drug for a limited number of years.
b. partial ownership of the right to sell the drug for an unlimited number of years.
c. sole ownership of the right to sell the drug for a limited number of years.
d. sole ownership of the right to sell the drug for an unlimited number of years.
c
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According to the short-run Phillips curve, which of the following would result in low rates of unemployment?
A) a higher inflation rate B) weak increases in aggregate supply C) a lower inflation rate D) weak increases in aggregate demand
From any point above the current LM curve, money market equilibrium can be restored by some combination of a ________ income and a ________ interest rate
A) higher, higher B) higher, lower C) lower, higher D) lower, lower
A monopolist can charge any price it wants to for a product, because it has no competitors. What constrains price for a monopoly?
a. Demand b. Copyright c. Quality d. Quantity
A profit-maximizing, monopolistically competitive restaurant serves 60 burgers a day at a total cost of $180 and earns a total profit of $180 . In the long run, everything else equal, the
a. restaurant will charge more than $6 per burger. b. restaurant's average total cost will rise and its total revenue will fall. c. restaurant will sell more burgers at a lower average profit per burger. d. All of the above are correct.