Which of the following would reduce the price of basketballs and increase the quantity sold?
a. An increase in the demand for basketballs.
b. A decrease in the demand for basketballs.
c. A decrease in the supply of basketballs.
d. An increase in the supply of basketballs.
D
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BioMed Pharmaceutical has held a patent on an important heart medication called Heartex, but the patent will expire in the coming year. After the patent expires, other firms can legally sell the same medication as a generic drug product
What will happens to the demand for Heartex and to the Lerner index for this product as the generic drugs enter the market? A) Demand becomes less elastic, Lerner index increases B) Demand becomes less elastic, Lerner index declines C) Demand becomes more elastic, Lerner index increases D) Demand becomes more elastic, Lerner index declines
Arrow's impossibility theorem states that the majority rule fails to produce transitive preferences for society
a. True b. False Indicate whether the statement is true or false
Comparative advantage in production of the good measured on the horizontal axis is identified with a straight-line production possibilities frontier that has a slope that is
A. positive. B. larger in magnitude (or absolute value) and positive. C. larger in magnitude (or absolute value). D. smaller in magnitude (or absolute value).
If the aggregate supply curve is vertical in the long-run, then neither monetary nor fiscal policy will affect aggregate output in the long-run.
Answer the following statement true (T) or false (F)