Refer to the Article Summary. If the 12 nations that are a part of the TPP do not agree to these stricter pharmaceutical patent laws as a way to increase intellectual property rights and ignore any international agreements which do protect these
intellectual property rights, which of the following would most likely occur?
A) More patents would be issued to pharmaceutical companies.
B) Pharmaceutical companies would consider expanding operations to these TPP nations.
C) More dollars would be spent on the development of new medicines.
D) Pharmaceutical companies would decrease investment in the development of more experimental drugs.
D
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Long-run equilibrium under monopolistic competition is similar to that under perfect competition in that
A) firms earn normal profits. B) price equals marginal revenue. C) price equals marginal cost. D) firms produce at the minimum point of their average cost curves.
Goods that cannot be consumed without excluding other consumers are
A) public goods. B) free. C) are not scarce. D) all of these choices.
What do economists call the tendency of people at a higher wage rate to choose free time over work?
a. substitution effect b. income effect c. diversion theory d. leisure theory
Which of the following statements is correct?
A. For the United States, union workers earn 10 to 20 percent more than nonunion workers doing the same work. B. Most other industrialized countries have a larger union markup. C. The union markup is relatively small for unionized firms in a competitive market. D. None of these