A pharmaceutical firm Astra is the sole producer and seller of a special drug under patent protection and behaves like a monopoly. When the patent expires, and the market for the drug becomes competitive with the entry of other firms that produce the same drug, then O the price of the drug will go up and the quantity sold will fall. the price of the drug will fall, the quantity sold will increase but the total surplus (consumer surplus plus producer surplus) will decrease the price of the drug will fall, the quantity sold will increase and the total surplus (consumer surplus plus producer surplus) will also increase. O the price will fall but the quantity sold will also decrease.

A pharmaceutical firm Astra is the sole producer and seller of a special drug under patent protection and behaves like a monopoly. When the patent expires, and the market for the drug becomes competitive with the entry of other firms that produce the same drug, then O the price of the drug will go up and the quantity sold will fall. the price of the drug will fall, the quantity sold will increase but the total surplus (consumer surplus plus producer surplus) will decrease the price of the drug will fall, the quantity sold will increase and the total surplus (consumer surplus plus producer surplus) will also increase. O the price will fall but the quantity sold will also decrease.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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