47. Doctors often complain that the patents of pharmaceutical companies make newer medicines hard to obtain and overpriced for their patients. This describes how the patents cause the new medicines to be artificially scarce common pool goods non-excludable perfectly competitive rival goods
47. Doctors often complain that the patents of pharmaceutical companies make newer medicines hard to obtain and overpriced for their patients. This describes how the patents cause the new medicines to be artificially scarce common pool goods non-excludable perfectly competitive rival goods
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter12: Environmental Protection And Negative Externalities
Section: Chapter Questions
Problem 42P: Table 12.12, shows the supply and demand conditions for a firm that will play trumpets on the...
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47.
Doctors often complain that the patents of pharmaceutical companies make newer medicines hard to obtain and overpriced for their patients. This describes how the patents cause the new medicines to be
Doctors often complain that the patents of pharmaceutical companies make newer medicines hard to obtain and overpriced for their patients. This describes how the patents cause the new medicines to be
artificially scarce
|
common pool goods
|
non-excludable
|
|
rival goods
|
48.
What is the most likely goal of a government that enacts a lump-sum subsidy?
To increase market competition
|
To decrease market competition
|
To correct for a negative externality
|
To discourage production
|
To encourage production
|
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