On the graph showing the impact of patent protection on equilibrium price and quantity, while a drug is protected by a patent and priced at a monopoly price, consumer surplus is equal to area ______.
a. a
b. b
c. ab
d. abc
a. a
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The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel
If the market is competitive and unregulated, the equilibrium quantity of steel is ________ tons and the efficient quantity of steel is ________ tons. A) 2; 2 B) 2; 4 C) 4; 2 D) None of the above answers is correct.
Which of the following is not an advantage to congestion charges for motorists who wish to drive on busy streets?
a. reduced travel time during peak hours b. reduced need for public transportation c. improved environmental quality d. improved valuation of a common resource
The ________ of information is low at the beginning of the search process, but rises as one's search widens. In contrast, the ________ of information is high at the beginning of the search process, but falls as one becomes more and more knowledgeable about the market
a. total benefit, marginal cost b. marginal benefit, marginal cost c. marginal cost, marginal benefit d. marginal benefit, total cost
Suppose a wave of optimism causes firms to increase investment. To stabilize output and employment, the Federal Reserve will _____
Fill in the blank(s) with correct word