BioMed Pharmaceutical has held a patent on an important heart medication called Heartex, but the patent will expire in the coming year. After the patent expires, other firms can legally sell the same medication as a generic drug product.
What will happens to the demand for Heartex and to the Lerner index for this product as the generic drugs enter the market? A) Demand becomes less elastic, Lerner index increases
B) Demand becomes less elastic, Lerner index declines
C) Demand becomes more elastic, Lerner index increases
D) Demand becomes more elastic, Lerner index declines
Question 2
Generally, long-run elasticities of supply are
A) greater than short-run elasticities, because existing inventories can be exploited during shortages.
B) greater than short-run elasticities, because consumers have time to find substitutes for the good.
C) greater than short-run elasticities, because firms can make alterations to plant size and input combinations to be more flexible in production.
D) smaller than short-run elasticities, because the firm has made long-term commitments it cannot easily modify.
E) the same as short-run elasticities, because technology is not assumed to change in the long-run adjustment process.
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