Why do pharmaceutical firms benefit most from patent protection?
A. Because research and development of drugs require large expenditures that need to be recouped while the patent is still valid.
B. Because pharmaceutical drugs need to be controlled by the government.
C. Because pharmaceutical companies pay large taxes to the government.
D. Because only physicians can legally prescribe pharmaceutical drugs.
Answer: A
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A. 1930 and 1933. B. 1933 and 1936. C. 1936 and 1939. D. 1939 and 1942.
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A. the use of telegraph services in the twenty-first century. B. the declining use of land-line telephones for long distance calls. C. installation of a phone app. D. routine maintenance on a car.
In a perfectly competitive market, the price faced by a firm is equal to its
A. total cost. B. average revenue. C. average variable cost. D. marginal revenue and average revenue.