Due to the nature of the patent laws on pharmaceuticals, the market for such drugs
a. always remains a competitive market.
b. always remains a monopolistic market.
c. switches from competitive to monopolistic once the firm's patent runs out.
d. switches from monopolistic to competitive once the firm's patent runs out.
d
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What is a Nash equilibrium? How is it different from a dominant strategy
When the wage rate increases: a. all workers wish to work more hours
b. all workers wish to work fewer hours. c. the number of hours laborers wish to work does not change. d. some workers will wish to work more hours, and some will wish to work fewer hours.
A risk-averse person has
a. a utility function whose slope gets flatter as wealth rises. This means they have increasing marginal utility of wealth. b. a utility function whose slope gets flatter as wealth rises. This means they have diminishing marginal utility of wealth. c. a utility function whose slope gets steeper as wealth rises. This means they have increasing marginal utility of wealth. d. a utility function whose slope gets steeper as wealth rises. This means they have diminishing utility of wealth.
What is the total demand for goods and services in an entire economy called?
A. supply and demand B. aggregate demand C. consumer demand D. GDP demand