Many biologic drug manufacturers are pushing for patent protection to be extended to 12 years before generics are allowed to be introduced to the market. This reflects which of the following barriers to entry?
A) network externalities B) entry blocked by government action
C) economies of scale creating a natural monopoly D) control of a key resource
B
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Use the following table to answer the question below.Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800Jorge should specialize in the production of which good?
A. corn B. green beans C. both D. neither
In the dynamic aggregate demand and aggregate supply model, what is the result of aggregate demand increasing slower than potential real GDP?
What will be an ideal response?
The national manifest system,
a. tracks only the most toxic hazardous wastes b. tracks hazardous and nonhazardous wastes from the point of generation to disposal c. was eliminated with the 1984 RCRA amendments d. is a market-based approach aimed at achieving an efficient solution e. none of the above
How does the text define economic efficiency? Is this an absolute or a relative definition? Would another type of definition be preferable? Why or why not?