Suppose that a drug for treating cancer is cleared by the Food and Drug Administration and that the company is successful in obtaining a patent for its product. Which of the following is then TRUE?
A) The patent holder now faces barriers to entry.
B) The method of producing the product would not be considered intellectual property.
C) The patent holder has a monopoly.
D) The drug would have many close substitutes.
Answer: C
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Involuntary unemployment
A) will increase as the wage rate falls. B) exists when there is an excess quantity of labor supplied. C) occurs when the wage rate is below the equilibrium wage rate. D) exists when there is a shortage of labor.
The economic way of thinking
A) studies facts without using theories. B) explains how social order and cooperation emerge from the actions of individuals. C) is free of biases and assumptions. D) includes all of the above features.
Suppose you like shoes and your income doubles. If shoes are a normal good, then an increase in your income will cause
a. the market demand for shoes to shift to the left b. the market demand for shoes to shift to the right c. your quantity demanded of shoes to decrease d. the market's quantity demanded of shoes to decrease e. market demand for shoes to shift to the left and your own quantity demanded of shoes to shift to the right
The two ways to define poverty are which of the following?
A. Relatively and absolutely B. Absolutely and definitely C. Definitely and conceptually D. Definitely and receptively