-Prime Pharmaceuticals has developed a new asthma medicine, for it has a patent. An inhaler can be produced at a constant marginal cost of $2/inhaler. The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are in the figure above. With its patent giving it a monopoly for its new inhaler, if it is a single-price monopoly, Prime Pharmaceuticals will produce ________ inhalers and set a price of ________ for each inhaler.
Definitions:
Product Categorization
The process by which products are classified into different categories or groups based on their characteristics or attributes.
Positioning Strategy
A marketing approach aiming to create a distinct brand identity and value proposition in the consumer's mind.
Evoked Set
a set of particular brands or products a consumer considers during the decision-making process.
Inept Set
A group of brands that a consumer excludes from purchase consideration because they are viewed as unacceptable.
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