7. Demand for medicines is --------. (elastic/ inelastic)
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A- Inealstic
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Answer:
Demand for medicines is inelastic.
Explanation:
When it comes to demand for prescription drugs, numerous studies have found that the price elasticity of demand is less than 1, ranging from -0.18 to -0.60, a situation referred to as "inelastic demand." This means that the relative change in quantity demanded is always less than the relative change in price.
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