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 downward pressure on price. Therefore, the makers of the brand name drug will:
A. raise their price.
B. abandon the product.
C. claim the generic is not as good as the patent version of the drug.
D. price discriminate.
Answer: C
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The long-run aggregate supply curve illustrates the
A) relationship of the price level and real GDP when the economy is at full employment. B) relationship of the price level and real GDP when the economy is at zero unemployment. C) amount of products producers offer at various prices when money wages and other resource prices are fixed. D) surpluses, shortages and equilibrium level of GDP.
Government regulation is best applied in cases_____
a. where the marginal benefit of the regulation is greater than the cost of the bureaucracy b. where imposed rules can increase efficiency more than govt. production would c. where the marginal benefit of regulation improves the cost efficiency of the producers d. where imposed rules can increase efficiency more than a public/private partnership would
Economists define disposable income (Yd )
What will be an ideal response?
Which of the following is an example of correlation?
a. Estella put on the new shoes, and then she walked around to see how they fit. b. As Henrietta turned on the stove, the clock chimed. c. After Estella paid $40 for the shoes, the clerk gave her a receipt. d. Henrietta turned on a burner under a tea kettle, and the fire came on.