Biology Forums - Study Force

A new cure for Toenail fungus is discovered for individuals resistant to the original treatment. At this point the firm producing this drug
 a. Could be considered a monopoly
 b. Would be protected from entry by patents
 c. Would be facing many new entries in the market
  d. Only A&B

QUESTION 2

Bid-rigging is more likely when
 a. auctions are for larger amounts
  b. auctions are infrequent
 c. auctions are oral
 d. auctions are sealed-bid

QUESTION 3

Lipitor, a heart medication with few substitutes, should have an own-price elasticity of demand that is:
 a. Relative elastic
 b. Relatively inelastic
  c. Perfectly inelastic
 d. Perfectly elastic

QUESTION 4

Bid-rigging is less likely in
 a. oral auctions
 b. English auctions
 c. first-price sealed-bid auctions
  d. all are equally likely

QUESTION 5

Profits of a monopoly are driven to zero
 a. Immediately in the short-run as assets freely move from low-valued uses to high-valued uses instantly
  b. In the long run because the demand curve becomes more inelastic
 c. In the long run because the assets eventually move from low to high valued use
 d. In the short run because the demand curve becomes more elastic

QUESTION 6

Bid-rigging is more likely when
 a. auctions are for larger amounts
 b. auctions are frequent
 c. auctions are infrequent
 d. the auctioneer is paid on commission rather than a fixed fee

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