Elasticity of demand for prescription drugs is estimated to be ...

[M1ch3a]

Elasticity of demand for prescription drugs is estimated to be much lower than elasticity of demand for one particular brand of over-the-counter cough medicine. One reason for this is
◦ there are no substitutes for one brand of cough medicine in the short run.
◦ there are many substitutes for prescription drugs in the long run.
◦ there are no substitutes for one brand of cough medicine in the long run.
◦ there are few substitutes for the broad category of prescription drugs while there are many substitutes for one brand of cough medicine.
◦ there are many substitutes for prescription drugs in the short run.

[ellie]

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[M1ch3a]

Gracias!

[connor417]

Thanks for the timely response, appreciate it