Elasticity of Demand for Prescription Drugs Is Estimated to Be

question 3

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.

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