Answered: 36. Number of Sellers: The government…

36. Number of Sellers: The government has granted a patent to a drug company for an ex cancer drug. That company is the only firm permitted to sell the drug * (1 Point) Select your answer

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter18: Public Economy

Section: Chapter Questions

Problem 20CTQ: To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that...

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Several Governments in CARICOM nations are reluctant to allow the provision oftelecommunication services by multiple providers. They prefer that a GovernmentAgency provides these services as they believe that consumers will be protected.However the revenue they gain should not be ignored as a possible motive. A recentstudy found that 8 countries out of the 15 in the CARICOM nations’ havetelecommunication services being provided by the a state company. For example, in St.Lucia, De Phone is the sole provider of telecoms. They offer discounts to senior citizensand students and also provide a lower price for individual who purchase multiple plans.Of note, the remaining CARICOM nations, including Trinidad and Tobago, have openedtheir markets to competition. These countries have seen increased advertising amongcompetitors to market their product.i. State what market structure exists in St. Lucia and illustrate how equilibrium priceand quantity determined in this industry. ii. Can excess…
PLEASE ANSWER JUST D & E List the costs and benefits of the following hypothetical policies: A. The US government offers a $5 billion prize to the first drug company that develops a cure for Alzheimer's disease. B. The patent length for drugs to treat fatal diseases is reduced to five years and all current patents for such drugs that are already in more than five years old instantly expire. C. The European Medicines Agency announces that it will instantly approve new drug applications that have shown any promise in treating Creutzfeld-Jakob disease (also known as mad cow disease), even if there are safety concerns or if the evidence of efficacy is not conclusive. D. The US government allows patients to write themselves prescriptions on weekends, when physicians are typically not available. E. The US government mandates lower out-of-pocket costs on brand-name drugs
It costs $1 million in R&D to develop a new diabetes treatment. The marginal cost of producing and marketing a treatment, once discovered, is $10. Suppose that Pfizer currently is selling a treatment that is covered by a valid patent, which is set to expire in one year. What is the most likely outcome of a proposed law that would allow generic drug companies to enter any market 5 years before the expiration of the patent covering it? A. More diabetics would use the treatment Pfizer invented, and drug companies would invest more in R&D for future treatments B. Fewer diabetics would use the treatment Pfizer invented, and drug companies would invest more in R&D for future treatments C. More diabetics would use the treatment Pfizer invented, and drug companies would invest less in R&D for future treatments D. Fewer diabetics would use the treatment Pfizer invented, and drug companies would invest less in R&D for future treatments
17- Intellectual property law is a body of law that includes Group of answer choices the right of inventors to produce their inventions the right of inventors to sell their inventions trademark, patent and trade secret legislation copyright legislation, as well as all of the above
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Question 2 The Orphan Drug Act provides special patent protection and financial support from the state government for drugs designed to treat patients with diseases or conditions that effect 200,000 people or less. True False
It costs $1 million in R&D to develop a new diabetes treatment. The marginal cost of producing and marketing a treatment, once discovered, is $10. Suppose that Pfizer currently is selling a treatment that is covered by a valid patent, which is set to expire in one year. What is the most likely outcome of a proposed law that would allow generic drug companies to enter any market 5 years before the expiration of the patent covering it? Question options: a) More diabetics would use the treatment Pfizer invented, and drug companies would invest more in R&D for future treatments b) Fewer diabetics would use the treatment Pfizer invented, and drug companies would invest more in R&D for future treatments c) More diabetics would use the treatment Pfizer invented, and drug companies would invest less in R&D for future treatments d) Fewer diabetics would use the treatment…
How does one measure competition in an industry? Can concentration be used as a proxy? What does SCP say about high levels of concentration and low levels of concentration?
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Give typing answer with explanation and conclusion When a pharmaceutical company discovers a new drug, patent law gives it market power by guaranteeing: Question 7 options: sole ownership of the right to sell the drug for a limited number of years. partial ownership of the right to sell the drug for an unlimited number of years. sole ownership of the right to sell the drug for an unlimited number of years. partial ownership of the right to sell the?
Recently in the City of Seoul, building contractors lobbied the city council to pass an ordinace requiring all people working on residential dwellings be licensed by the city. Why would the contractors lobby for this requirement? A. to create legal barrier to entry B. to reduce the cost of building dwellings C. to guarantee that work on dwellings is of high quality D. to avoid informal settlers
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