Patents have become less important than such factors as secrecy, lead time, and increased sales and service efforts as a means to maintain a competitive advantage in the pharmaceutical industry
Indicate whether the statement is true or false
FALSE
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Exhibit 2-14 Production possibilities curve
In Exhibit 2-14, which of the following explains this economy's movement from point E to point F?
A. The rate of unemployment in this economy would have increased. B. Consumption goods production has increased, but capital goods production has decreased. C. The economy has decreased unemployment, but some degree of unemployment still exists D. The economy has achieved full employment.
Critics of government regulation argue that government interference in the marketplace stifles the "animal spirits" of entrepreneurship.
Answer the following statement true (T) or false (F)
The diamond-water paradox was solved by knowing that
A) the total utility of water is greater than the total utility of diamonds. B) the marginal utility of water is greater than the marginal utility of diamonds. C) the price of water and diamonds is determined by total utility received, not marginal utility. D) the price of water and diamonds is determined by marginal utility, not total utility.
“The increasing importance of durable goods has made our economy more vulnerable to cyclical fluctuations.” Explain and evaluate.
What will be an ideal response?