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Exhibit 8-3 Demand and cost curves for GeneTech, a monopolist with a patented vaccine
Consider Exhibit 8-3. Suppose GeneTech's patent expires and the market for the vaccine becomes perfectly competitive. Which of the following price and quantity combinations would be most likely?
A. $45 per dose and 100 doses per hour
B. $40 per dose and 200 doses per hour
C. $35 per dose and 300 doses per hour
D. $28 per dose and 450 doses per hour
Answer: D
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