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Patents, trademarks, and copyrights are legal protections that grant monopoly ownership for a given period of time. Drug manufacturers receive patent protection for the drugs they develop. These patents act as a barrier to entry to other firms who could copy the product and sell the drug at a lower price. The twenty year patent allows the producer time to be the exclusive seller in order to recoup the high research and development costs associated with bringing a new drug to market. Please respond to all of the following prompts:
•Given the high research and development costs associated with discovering an effective drug, should drugs be granted patent protection? Why or why not?
•What actions, if any, could the government take to increase competition in the pharmaceutical industry? Would government intervention improve market outcomes?
In spite of significant price increases for gasoline in the last two years, the amount of gasoline consumed has not decreased a lot--does this mean that gasoline is an exception to the law of demand.
2.What factors could cause the monopolies to end? Is there a difference between
Most people are concerned that wages determined in the labor market are unfair and most people typically earn the bulk of their income from wages and salaries.
We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
Consider a long-term debt you currently own (e.g., a mortgage or student loan) and discuss how you would take present value into account when deciding whether you should retire that debt ahead of schedule. Explain your rationale.
Even though this chapter is all about the classical explanation of business cycles, this innovation in economic theory is thanks to the ideas of John Maynard Keynes. That's why we call it a "Keynesian" supply curve
What difference does it make, if any, if technology is moving very fast in the market so that this game proves to be one-time-only simultaneous play?
Compute the expected value and the standard deviation of this investment. Is this investment risky? Why? The equation E(x)=359 + 0.5SD describes the indifference curve of this investor. Is this investor risk averse, risk neutral, or risk loving? ..
assume that the low-calorie microwavable food company from assignments 1 and 2 wants to expand and has to make some
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise Did the monopoly increase barriers to entry Does the company behave like a monopoly or more like a competitive firm
What level of output will these firms produce in the short run and are these firms operating under perfect or imperfect competition?
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