When Glaxo-Wellcome introduced AZT, an AIDS drug, it was able to enjoy high profits because:
a. the drug was highly recommended by doctors.
b. of the quick response of rivals in introducing substitute drugs.
c. of barriers to entry provided by patents.
d. of its competitive price in the pharmaceutical industry.
e. it experienced constant returns to scale in the long run.
c
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Of the following items, which has the most inelastic demand?
A) food B) fruit C) apples D) Gala apples
At the point where the disposable income line intersects the consumption function, saving:
a. equals consumption. b. equals disposable income. c. is less than zero. d. is equal to zero.
Which is the primary focus of study in macroeconomics?
a. An industry b. The national economy c. A business firm d. A household
Median wealth in the United States in 2010:
A. was about the same as in 1995. B. had grown by about 8 percent since 1995. C. was nearly 8 percent lower than in 1995. D. was about $84,000.