What happens to the price and quantity sold of a drug when its patent runs out? (i) The price will fall. (ii) The quantity sold will fall. (iii) The marginal cost of producing the drug will rise
a. (i) only
b. (i) and (ii) only
c. (ii) and (iii) only
d. (i), (ii), and (iii)
a
Economics
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In the simple economy where y = C + I, equilibrium output is determined at the level of income where saving equals investment
Indicate whether the statement is true or false
Economics
Sony is considering a 10 percent price reduction on its LCD television sets. If the demand for sets in this price range is inelastic:
A. revenues from LCD sets will remain constant. B. revenues from LCD sets will decrease. C. the number of LCD sets sold will decrease. D. revenues from LCD sets will increase.
Economics