Suppose That a New Drug Has Been Approved to Treat

question 29

Multiple Choice

Suppose that a new drug has been approved to treat a life-threatening disease.Demand for that drug is shown on the graph below.Prior to approval of this drug,the only treatment for this condition was non-prescription pain relief.Demand for one brand of non-prescription pain reliever is also shown on the graph below.
Refer to the figure above.If the manufacturer of the new drug chose to increase its price from $90 to $100,consumers would acquire ______ doses,and have _____ total expenditures.

• A) more;higher
• B) fewer;lower
• C) more;lower
• D) fewer;higher

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Definitions:

Types of Control

Various methods or systems used within an organization to regulate processes, manage resources, and guide the actions towards achieving objectives, such as bureaucratic, market, and clan control.

Project Management

The process of planning, organizing, and overseeing the completion of specific projects within an organization or team.

Management Techniques

Methods or strategies that enable managers to improve efficiency and achieve organizational goals.

Control System

A set of devices or procedures designed to regulate the operation of a machine, process, or system to achieve a desired outcome.