Chapter 13, Problem 17P

To determine

Consumer and producer surplus in the market for epinephrine auto injectors.

Concept Introduction:

A monopoly exists when a single individual or organization is the sole supplier of a particular good or commodity in the market. The monopolist is the price setter of the product.

While, Competitive market is the market in which there are many buyers and sellers of the good. The price is set in the industry and the individual firms take the price as given and adjust their quantities accordingly.