In efficient markets, profit opportunities are quickly eliminated as they develop.
Answer the following statement true (T) or false (F)
True
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Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the accompanying graph. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph.
Demand for the new drug is ________ while demand for one brand of the over-the-counter pain relievers is ________.
A. the vertical line at 100; the line labeled A B. the line labeled A; the line labeled B C. the horizontal line at $60; the line labeled B D. the line labeled B; the line labeled A
Mihaela has $10 to spend. Assuming hamburgers cost $2 and milkshakes cost $1, what combination of hamburgers and milkshakes offers the highest total utility?
a. 5 hamburgers and 0 milkshakes b. 4 hamburgers and 2 milkshakes c. 3 hamburgers and 4 milkshakes d. 2 hamburgers and 6 milkshakes
The price of soybeans is $17 a bushel. To maximize profits, a competitive firm selling soybeans must
a. produce soybeans up to the point at which average variable cost equals $17. b. adjust production until the marginal cost of soybeans is $17. c. produce all the soybeans it can. d. produce soybeans up to the point at which fixed costs are minimized and variable costs are increasing.
Explain how the "new growth theory" treats technology differently from the way economists used to treat technology
What will be an ideal response?