The FDA Cannot Withdraw Approval of Any Previously Licensed Drug

question 43

True/False

The FDA cannot withdraw approval of any previously licensed drug.

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Definitions:

Price Taker

A market participant that accepts market prices as given and has no influence to alter the price of the good or service.

Buyer

A person or organization that purchases goods or services.

Law Of Demand

The economic principle stating that, all else being equal, as the price of a good or service decreases, consumer demand for it will increase, and vice versa.

Quantity Demanded

The quantity demanded is the amount of a good or service that consumers are willing and able to purchase at a given price, holding all else constant.