A drug patent gives a pharmaceutical firm a monopoly draw, Business Economics

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A drug patent gives a pharmaceutical firm a monopoly draw

A drug patent gives a pharmaceutical firm a monopoly. Draw and label the supply and demand curves for a drug. Then demonstrate how having a monopoly changes that equilibrium. How does this impact consumer surplus? What actions can the government take to ensure a consumption, Q, that is closer to the equilibrium Q*?

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Business Economics: A drug patent gives a pharmaceutical firm a monopoly draw

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