The demand for some pharmaceutical drugs is quite inelastic because customersneed the drugs to survive. This has
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The demand for some pharmaceutical drugs is quite inelastic because customersneed the drugs to survive. This has made it possible for some drug companies to charge more than $1,000 for a daily dose of medicine. In your opinion, is it acceptable for drug companies to charge the most that consumers are willing to pay for some drugs? Does your answer depend on whether the drug companies use their profits to fund research into new drugs? Explain one pro and one con of placing a price ceiling on drug prices.
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