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6. (5 points) Bruce's Pharmaceuticals sells vitally important drugs in the pharmaceutical market where demand is perfectly inelastic. Assume this industry has a standard upward
6. (5 points) Bruce's Pharmaceuticals sells vitally important drugs in the pharmaceutical market where demand is perfectly inelastic. Assume this industry has a standard upward sloping supply curve. Due to breakthrough technology at Bruce's Pharmaceuticals and sharing this R&D with the rest of the drug industry, all rms can now produce drugs at much cheaper than before. Knowing this information, what would happen to the revenues of each rm? A. Revenues would fall B. Revenues would stay the same C. Revenues would rise D. Not enough information
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