When Glaxo-Wellcome introduced AZT, an AIDS drug, it was able to enjoy high profits because:
a. the drug was highly recommended by doctors.
b. of the quick response of rivals in introducing substitute drugs.
c. of barriers to entry provided by patents.
d. of its competitive price in the pharmaceutical industry.
e. it experienced constant returns to scale in the long run.
c
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According to your textbook, rent controls on apartments
A) produce fair outcomes. B) create problems of their own. C) tend to promote efficiency. D) do both B and C. E) do none of the above.
Suppose you reserve a hotel room in Madrid for $300 per night
When you check out, you are charged only $285 per night. Assuming that the price of the room in euros had not changed, and that the nominal exchange rate had been 0.8 (euros/$) when the reservation was made, the new nominal exchange rate is ________. A) 0.84 B) 0.76 C) 0.95 D) 1.05