Recall the Application about allegations that the makers of branded drugs made deals with generic drug makers once the patents expired on branded drugs to answer the following question(s).Recall the Application. When a patent ends and generic drugs are introduced, there is:
A. downward pressure on the price of the patent version of the drug.
B. upward pressure on the price of the patent version of the drug.
C. no pressure on the price of the patent version of the drug.
D. no demand for the patent version of the drug.
Answer: A
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A) after L1. B) after L2. C) after L3. D) immediately.
The tax incidence of a specific tax or ad valorem tax is influenced by
A) who pays the tax. B) the amount of the tax. C) the price elasticities of supply and demand. D) All of the above.
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a. an increase in the money supply b. a decrease in the money supply c. an adverse supply shock d. a favorable supply shock
When the price level rises from 110 to 115, the aggregate level of GDP supplied rises from $80 billion to $120 billion. This ________ relationship represents the ________ relationship between the quantity of real GDP firms are willing to supply and the
price level. A) negative; short-run B) positive; short-run C) negative; long-run D) positive; long-run