Asked by
pakaian polos
on Oct 26, 2024Verified
Because of the lack of substitutes,the market for a newly developed and freshly patented prescription drug is BEST considered to be:
A) in perfect competition.
B) in monopolistic competition.
C) an oligopoly.
D) a monopoly.
Patented Prescription Drug
A medication that is protected by a patent, giving its manufacturer the exclusive right to produce and sell the drug for a certain period.
Lack Of Substitutes
A market condition where there are no close alternatives to a product, leading to higher consumer dependency on that product.
Monopoly
An industry controlled by a monopolist.
- Distinguish monopolistic competition from market structures including perfect competition, monopoly, and oligopoly.
Verified Answer
OC
Learning Objectives
- Distinguish monopolistic competition from market structures including perfect competition, monopoly, and oligopoly.
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