Price controls are a common feature in the pharmaceutical industry in most developed countries. Which one of the following statements about price controls is true?
a. Canada's use of price ceilings has become the standard practice across Europe.
b. Generic competition is more common in countries with strict price controls.
c. Countries with the most stringent price controls do the least research.
d. Most developed countries use similar methods to control prices in pharmaceutical markets.
e. The U.S. is the only major country that relies strictly on market pricing and refuses to use price controls of any kind.
c. Countries with the most stringent price controls do the least research.
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Figure 10-6
In Figure 10-6, which graph best illustrates the effect of the beginning of the Iraq war in 2003?
a.
(1)
b.
(2)
c.
(3)
d.
(4)
Refer to the figure below. In the matrix above: 
A. both Cory and Jess have the same dominant strategy. B. Jess has a dominant strategy, but Cory does not. C. neither Cory nor Jess has a dominant strategy. D. Cory has a dominant strategy, but Jess does not.
An increase in the productivity of labor causes
A) quantity supplied by each firm in a competitive industry to decrease. B) supply in a competitive industry to increase. C) the market price to increase in a competitive industry. D) the firm's supply curve to shift but has no effect on the industry supply curve.
What is the economic role of a patent?
What will be an ideal response?