Question

14. Pharmaceutical companies often get patents granting them the exclusive right to produce and market drug formulations they have developed. These patents are: a. the result of non-compete agreements signed by pharmaceutical firms. b. in violation of ethical principles on which business is based. c. probably of little use because what one firm can patent, another can duplicate. d. rewards for the millions that firms have invested in the research and development process. 15. Last summer, the Thomas family had to decide whether to buy a new car, go to Disney World, or remodel their basement. They chose the vacation. This illustrates: a. that competition can be defined in terms of dissimilar products vying for a limited supply of discretionary buying power. b. how the most direct form of competition plays a role in a consumer's decision making. c. how competition for essential items leaves unlimited discretionary funds for non- essentials. d. that there can be no competition among dissimilar products.

Answer 1

The correct answers:

Pharmaceutical companies often get patents granting them the exclusive right to produce and market drug formulations they have developed

D- rewards for the millions that firms have invested in the research and development process.

Last summer, the Thomas family had to decide whether to buy a new car, go to Disney World, or remodel their basement. They chose the vacation. This illustrates:

A- that competition can be defined in terms of dissimilar products vying for a limited supply of discretionary buying power.