If the government grants patents to three different firms that produce a drug for diabetes, then the three firms may lead to the creation of:
a. a monopoly
b. an oligopoly.
c. monopolistic competition.
d. perfect competition.
b
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Compare and contrast the relative price elasticities of Marlboro brand cigarettes with cigarettes in general. Why is there a difference?
What will be an ideal response?
A good is said to be a normal good when
a. decreases in income lead to an increase in demand for the good b. decreases in income lead to a decrease in demand for the good c. increases in income lead to a decrease in demand for the good d. increases in price lead to a decrease in the quantity demanded of the good e. increases in price lead to a decrease in demand for the good
From the late 1960s to the late 1980s, in the United States SAT scores
a. and graduation rates increased. b. and graduation rates decreased. c. and school attendance rates decreased. d. decreased and school attendance rates increased.
The market demand for a monopoly firm is estimated to be:Qd = 100,000 - 500P + 2M + 500PRwhere Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. For 2016, the forecasted demand function is
A. Qd = 100,000 - 100P B. Qd = 200,000 - 100P C. Qd = 300,000 - 500P D. Qd = 600,000 - 100P E. none of the above