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In November 2022, 4 pharmaceutical companies were sued by the government of the US state of Oregon for behaving as a monopoly and for not
In November 2022, 4 pharmaceutical companies were sued by the government of the US state of Oregon for behaving as a monopoly and for not allowing competiton for a testosterone medication. The result was that consumers were required to pay extremely high monopoly prices. Source: KTVZ News Sources (2022). See link:https://ktvz.com/news/oregon-northwest/2022/11/11/oregon-ag-sues-4-big-drug-makers-claims-monopoly-sent-testosterone-replacement-prices-soaring/ If the testosterone medication was being provided by a perfectly competitive industry would the price and the quantity of medication traded in the market be higher or lower compared to monopoly? Provide a detailed answer. Use a diagram to support your
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