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Do Homework brooke Kelsey-Google Chrome Secure https://www.mathal.com/Student/PlayerHomework.aspx?homeworkid-463391 111&questionIde1;&flushed-; EC 350 MyEconLab Spring 2018 Section 2 Homework: Chapter 3 Homework Score: 0 of 1 pt End of Chapter 4.18 Below are the supply and demand functions for two markets. One of the markets is for Tesla automobiles, and the Save N Score: 73.33%, 18.33 of 25 pts Question Help * 22 or 25 (19 complete) other is for a cancer-fighting drug, without which lung cancer patients will die. Figure 1 Figure 2 S1 Quantity (per month) Quantity (per month) Which diagram represents the cancer-fighting drug? Figure 2 Why? 0 A. Market supply reflects the availability of few substitutes O B. Market demand reflects the availability of many substitutes ° C. Market demand reflects the availability of few substitutes Click to select your answer and then click Check Answer. All parts showing Clear All Final Check Type here to search oe

Explanation / Answer

Answer: C

The market demand in the figure2 is inelastic; it means the demand is fixed and there is no alternative. Price change has no effect on quantity demand of drug; it is very much necessary and indispensable.

All the other options are not correct:

A. Market supply curve is not inelastic, since it is upward moving from left to right.

B. There might not be many substitutes, since the demand curve is inelastic.

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