Suppose a new product is developed and is supplied by a monopolist with a patent. Compared with

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Suppose a new product is developed and is supplied by a monopolist with a patent. Compared with the monopoly outcome, indicate whether consumer surplus, producer surplus, and total surplus increase, decrease, or remain the same under the following scenarios.
a. Another producer creates a similar product and colludes with the original producer.
b. Another producer creates a similar product and competes with the original producer.
c. The patent expires.
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Microeconomics

ISBN: 978-1259163531

1st edition

Authors: Dean Karlan, Jonathan Morduch

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