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22 Feb 2018
If the government sets the price of all pharmaceutical drugs equal to marginal cost, which of the following statements is TRUE?
I. Drug companies will see profits rise.
II. Consumers will pay lower prices for drugs today.
III. In the future, there will be very few new drugs. A. II only B. II and III C. I, II, and III D. I only
If a firm has revenues of $100, explicit costs of $50, and implicit costs of $50, then its economic profit is A. $0. B. $50. C. $100. D. $500.
If a firm has revenues of $100, explicit costs of $50, and implicit costs of $50, then its accounting profit is A. $0 B. $50 C. $100 D. $500
| If the government sets the price of all pharmaceutical drugs equal to marginal cost, which of the following statements is TRUE? I. Drug companies will see profits rise. II. Consumers will pay lower prices for drugs today. III. In the future, there will be very few new drugs. | |||||||||
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| If a firm has revenues of $100, explicit costs of $50, and implicit costs of $50, then its economic profit is | |||||||||
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| If a firm has revenues of $100, explicit costs of $50, and implicit costs of $50, then its accounting profit is | |||||||||
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Tod ThielLv2
24 Feb 2018
