Which of the following would raise the wages of scientists and engineers?
A. An increase in the demand for innovative activities
B. A decline in the level of legal protection of property rights over new inventions
C. The immigration of skilled scientists and engineers from other nations
D. A decline in the rate of return on research and development
Answer: A
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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
Producing an additional unit whose marginal cost exceeds the average total cost incurred thus far has the effect of pulling the
A. average cost up. B. average cost down. C. fixed cost up. D. total cost down.
Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. The benefit to Matt of driving to campus to buy the concert ticket last week was:
A. $9 B. $4 C. $16 D. $2
Refer to the information provided in Figure 27.1 below to answer the question(s) that follow.
Figure 27.1Refer to Figure 27.1. Suppose the economy is at Point A. An increase in taxes can cause a movement to Point
A. E. B. B. C. C. D. D.