Question
A pharmaceutical company introduces a new life-saving
drug with no close substitutes. The company has a patent on the drug, giving it a monopoly in the market. The drug is expensive to produce, and the company sets a high price for it. In this situation, the demand for the new drug is likely to be:Solution
Since the drug is lifesaving and has no close substitutes, the demand is likely to be relatively inelastic. This means that even if the company increases the price, the quantity demanded will not decrease significantly because patients are willing to pay a high price for a life-saving treatment.
First dwarf variety of the world which is considered as a miracle rice?
The microbial enzyme fungal lactases are used in the dairy industry while manufacturing milk products to:
Maintaining the temperature of food in the range of 0deg;C to 8deg;C is called:
The phenomenon slickenside is found in
Eat Right India is aligned to the National Health Policy 2017 with its focus on preventive and promotive healthcare and flagship programme named as
Term used to the organism genetic composition having two identical allele for a trait
Acc. to PMFBY, threshold yield for a crop in an insurance unit shall be based on
Oligosaccharides which encourage the growth of beneficial microorganisms in the gut are called:
Which of the following is not a nitrogenous fertilizer?
How does the release of root exudates impact the microbial population in the rhizosphere?
