Because of the lack of substitutes, the market for newly developed brand-name prescription drugs is best considered to be:
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.

Question

Quizplus · Accepted Answer

Newly developed brand-name prescription drugs often have patent protection, granting the company exclusive rights to produce and sell the drug, creating a monopoly due to the lack of substitutes.

Because of the Lack of Substitutes, the Market for Newly