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Author Question: There is a shortage of every good that is scarce. Indicate whether the statement is true or ... (Read 75 times)

bucstennis@aim.com

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on: Jun 29, 2018
There is a shortage of every good that is scarce.
 
  Indicate whether the statement is true or false

Question 2

What would be the economic dangers of eliminating patent protection in the pharmaceutical industry as a means of eliminating monopoly power?
 
  What will be an ideal response?


bfulkerson77

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

It is certainly true that in some cases patents allow companies including pharmaceutical firms to enjoy a legal monopoly albeit a temporary one. However, eliminating patent protection could lead to the result of fewer drugs being brought to market. The reason is that the profit potential will be removed when firms know that their discoveries and expensive research can easily and legally be reproduced by rival firms.


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