Experience with patents in the pharmaceutical industry shows that when patents on drugs expire
A) prices remain high without patent protection because of a lack of competition. Firms that are not granted patents cannot compete with firms that are granted patents.
B) other firms are free to produce chemically identical drugs. Competition reduces the profits that had been earned by the firms that received patents.
C) most patients will continue to buy the drugs from the same firms because their doctors recommend they buy brand-name drugs.
D) firms will find ways to obtain additional patent protectionoften by making cosmetic changes in drugs that were patentedso that they can continue charging high prices.
Question 2
For a profit-maximizing monopolistically competitive firm, for the last unit sold, the marginal cost of production is less than the marginal benefit received by a customer from the purchase of that unit.
Indicate whether the statement is true or false
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