When the drug Vioxx was pulled from the market by pharmaceutical company Merck due to its association with heart problems, the demand for other pain medications:
A. decreased, putting upward pressure on their price.
B. decreased, putting downward pressure on their price.
C. increased, putting downward pressure on their price.
D. increased, putting upward pressure on their price.
Answer: D
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Suppose the nation of Alphonia was charged with dumping electric lawnmowers in the nation of Omegalon. The result of Omegalon imposing anti-dumping tariffs on electric lawnmowers manufactured in Alphonia would most likely be
A) lower selling prices on electric lawnmowers in Alphonia. B) higher selling prices on electric lawnmowers in Omegalon. C) increased exports of electric lawnmowers from Alphonia. D) an increased market share for Alphonian-manufactured electric lawnmowers in Omegalon.
Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of
A) transitivity. B) non-dictatorship. C) independence of irrelevant alternatives. D) completeness.