Pharmaceutical companies receive patents as an exclusive right to produce a drug. This results in:
a. orphan drug status.
b. monopoly rights in the production of the drug.
c. normal profits on the patented drug.
d. fewer new chemical compounds discovered.
e. lower prices for patients requiring the drug.
b. monopoly rights in the production of the drug.
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Which of the following industries would be considered to have a labor intensive production process?
A. Printing a novel B. Farming in a poor country C. Building a road. D. Driving a truck.
Primary sources of SO2 emissions are
a. fossil-fuel burning power plants and refineries b. heavy-duty trucks and buses c. light-duty trucks and automobiles d. commercial aircraft
Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500.What is average variable cost?
A. $10.00 B. $0.63 C. $1.60 D. $3.20 E. none of the above
Ceteris paribus, which of the following is most likely to shift both the demand and the supply curves?
A. Technology. B. Expectations. C. Income. D. The price of the good itself.