Drug companies are allowed to be monopolists in the drugs they discover in order to
a. increase the availability of expensive but useful medications.
b. increase the overall welfare of society through better health because drug companies continually produce better medications.
c. encourage research.
d. All of the above are correct.
d
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In the above figure, which of the following statements is FALSE?
A) The total fixed cost curve is curve C. B) Total variable cost and total cost both increase as output increases. C) Marginal cost is equal to the slope of curve A. D) The vertical gap between curves A and B is equal to average fixed cost.
The marginal productivity theory of income distribution states that
A) income distribution is determined by the marginal productivity of the factors of production that individuals own. B) as more and more units of labor are added to a fixed quantity of capital, eventually labor's contribution to a firm's income will decrease. C) factors of production in short supply command higher prices than those available in abundant quantities. D) capital owners receive the bulk of a nation's income because capital-intensive production generates productivity gains.
Which of the following is TRUE?
A) India is the world's largest democracy. B) India began reforming and opening its economy prior to China. C) At the end of the twenty-first century, China will have a larger population than India. D) India has a larger population than China currently. E) India has a larger manufacturing sector than China.
When Matt has an income of $2,000 . he consumes 30 units of good A and 50 units of good B. After Matt's income increases to $3,000 . he consumes 25 units of good A and 95 units of good B. Which of the following statements is correct?
a. Both goods A and B are normal goods. b. Both goods A and B are inferior goods. c. Good A is a normal good, and good B is an inferior good. d. Good A is an inferior good, and good B is a normal good.