The drug maker Pfizer enjoyed a monopoly of the antibiotic Lipitor because of patent rights
a. True
b. False
Indicate whether the statement is true or false
True
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Price discrimination exists:
A. only in perfectly competitive markets. B. because sellers try to exploit differences in customers’ willingness to pay. C. in all industries, regardless of market structure. D. only when demand is inelastic.
Which of the following about unemployment is true?
a. The unemployment rates of the major European economies were substantially lower than in the United States during the last decade. b. High unemployment rates over lengthy time periods are indicative of structural and regulatory factors that are exerting an adverse impact on the natural rate of unemployment. c. The natural rate of unemployment is unaffected by changes in the age composition of the labor force (for example, an increase in the relative number of youthful workers). d. Institutional changes such as an increase in the minimum wage may increase cyclical unemployment but will not affect the natural rate of unemployment.
Which of the following is a characteristic of a contestable market?
a. long-run economic profit b. many firms that are small relative to the market c. high costs for entry and exit d. minimum-cost production methods
Which of the following are complementary goods?
A) sport utility vehicles and gasoline B) butter and margarine C) white wine and red wine D) trucks and sedans