Adam Smith is the father of modern economics
a. True
b. False
Indicate whether the statement is true or false
True
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Why are property rights important in economic development?
What will be an ideal response?
Figure 7-8
Of the graphs in Figure 7-8, which represents fixed cost?
a.
1
b.
2
c.
3
d.
4
One company has 90% of the market for cola soft drinks. An antitrust action against this company is likely to be defended (by the company) by the argument that
A. there is no substitute for cola soft drinks. B. the market share is not important. C. the relevant market is for cola soft drinks. D. the relevant market is not that for cola soft drinks but for all soft drinks.
Recall the Application about allegations that the makers of branded drugs made deals with generic drug makers once the patents expired on branded drugs to answer the following question(s).According to the Application, brand name drugs and generic drugs are ________ each other.
A. virtually identical to B. completely different from C. slightly similar to D. perfect complements of