Multiple Choice
Elasticity of demand for prescription drugs is estimated to be much lower than elasticity of demand for one particular brand of over-the-counter cough medicine.One reason for this is
A) there are many substitutes for prescription drugs in the short run.
B) there are many substitutes for prescription drugs in the long run.
C) there are no substitutes for one brand of cough medicine in the short run.
D) there are no substitutes for one brand of cough medicine in the long run.
E) there are few substitutes for the broad category of prescription drugs while there are many substitutes for one brand of cough medicine.
Correct Answer:
Verified
Correct Answer:
Verified
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