Match Each Example to the Names Listed Below

question 23

Multiple Choice

Match each example to the names listed below.
-Drug that treats a disease affecting a very small number of people

• A)Orphan drug
• B)Drug standards
• C)NDC
• D)USP/NF
• E)OTC

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Definitions:

Competitive Price-searcher Market

A market structure where firms have some control over the pricing of their products because their products are differentiated, but there is intense competition due to low entry barriers.

Economic Profit

The total revenue of a business minus both explicit and implicit costs.

Long-run Equilibrium

A state in which all firms in a market are making normal profits, with no incentive for entry or exit, indicating a stable market condition.

Competitive Price-searcher Market

A market condition where firms have some power to set prices due to product differentiation, yet must actively seek out the best prices and competition exists.