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Question 20
A life-saving medicine without any close substitutes will tend to have
O A) a large elasticity of demand
O B) a large elasticity of supply
O C) a small elasticity of demand
O D) a small elasticity of supply

Ask by Horton O'Quinn. in the United States
Mar 30,2025

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The life-saving medicine has a small elasticity of demand.

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The Deep Dive

When it comes to life-saving medicines, they are considered necessities without many alternatives. This means that even if prices increase, demand remains fairly stable, resulting in a small elasticity of demand. People will buy these medicines regardless of cost because they are essential for health and survival.
On the supply side, life-saving medicines can face regulatory hurdles and manufacturing constraints, leading to a small elasticity of supply as well. Even if prices rise, producers may not be able to quickly increase production due to the complexities in the pharmaceutical industry.

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