What Happens to the Price and Quantity Sold of a Drug

question 132

Multiple Choice

What happens to the price and quantity sold of a drug when its patent runs out?

• A) (i) only
• B) (i) and (ii) only
• C) (ii) and (iii) only
• D) (i), (ii), and (iii)

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Definitions:

Defenestration of Prague

A historical incident in 1618 where two Catholic officials were thrown out of a window in Prague, sparking the Thirty Years' War.

Rudolf II

A Holy Roman Emperor known for his patronage of arts and sciences, and his role in the religious conflicts of his time, reign from 1576 to 1612.

Holy Roman Emperor

The ruler of the Holy Roman Empire, a political entity in Central Europe from the 9th to the 19th century, not directly analogous to the ancient Roman Empire.

Industrial Revolution

A period of major industrialization from the late 18th to mid-19th century that transformed mainly agrarian, rural societies in Europe and America into industrialized, urban ones.