Behavioural economics – Monopoly, patents and loss of consumer surplus regarding pharmaceutical companies

Behavioural economics – Monopoly, patents and loss of consumer surplus regarding pharmaceutical companies The intuition of monopoly and of patents as a ‘temporary monopoly’ for drug companies to make their profits back Discuss the inefficiency of monopoly in terms of loss of consumer surplus by using a diagram in order to argue that from a static perspective awarding patents as a reward for successful innovation is not the most efficient reward. Welfare effects of monopoly: Describe the diagram and apply any other relevant diagrams Key reading material Microeconomics Paperback book by Goolsbee, Austan, Levitt, Steven D., Syverson, Chad Publisher: W.H.Freeman & Co Ltd; First international ed edition ISBN-13: 978-1464146978 Page 374-379 PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET AN AMAZING DISCOUNT :)