As of mid-March, 2021, many COVID-19 vaccines were developed by private vaccine manufacturers such as, Pfizer-BioNtech, Moderna, Oxford-AstraZeneca, etc. The cost of research and development to develop a vaccine is very high and typically a big part of these costs is borne by the vaccine manufacturers. If vaccines were available in a free market (i.e., with no government intervention), would the supply curve of the vaccine be price elastic or price inelastic? Explain why.

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In a free market scenario for COVID19 vaccines in midMarch 2021 the supply curve would likely be pri... View the full answer