Which patent would last the longest?
A. one for a drug that treats a life-threatening disease
B. one for a drug that treats a very rare disease
C. one for a drug that has many similar ones in existence
D. one for a drug that treats a very common disease
Answer: B
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Explain the role of financial intermediation
What will be an ideal response?
If people have more time to adjust to a price change, the price elasticity of demand for that good is likely to
a. increase b. decrease c. fall to zero d. become equal to -1 e. remain unchanged
Global warming, which causes unfavorable climatic changes due to the burning of fossil fuels, would be an example of a(n): a. positive externality
b. negative externality. c. internalized externality. d. Coase externality.
Steve and Karen decide to attend the same concert when they are each given free tickets to it. We know that
A) both bear the same opportunity cost because they are seeing the same thing. B) both bear the same opportunity cost because the tickets have the same face value. C) both bear an opportunity cost that depends on what each person is giving up to attend the concert. D) neither bears an opportunity cost since the tickets were given free to them.