When the patent on a new drug expires, competing firms will often develop alternative medicines that offer consumers the same drug at a cheaper price. This philosophy of marketing is based on the
A) production concept
B) product concept
C) selling concept
D) marketing concept

Question

Quizplus · Accepted Answer

The production concept assumes that consumers prefer products that are easily accessible and inexpensive.When the patent on a new drug expires, competing firms will often develop alternative medicines that offer consumers the same drug at a cheaper price.

When the Patent on a New Drug Expires, Competing Firms