Because of Genetic Differences in People's Responses to Medications, There

question 85

Multiple Choice

Because of genetic differences in people's responses to medications, there are over 100 different types of ____. ​

• A)antibiotics
• B)muscle relaxers
• C)tranquilizers
• D)blood pressure medications
• E)stimulants

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Definitions:

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.

Normal Good

A good for which a rise in income increases the demand for that good—the “normal” case.

Total Revenue

The total income received by a firm from selling its goods or services, calculated as the unit price times the quantity sold.

Elastic Demand

A situation where the demand for a product changes significantly in response to changes in its price.