patents and how they create barrier to entry. A U.S. Supreme Court case was brought by the US Federal Trade Commission to halt the "pay-for-delay" tactics sometimes used by pharmaceutical companies to contractually extend the effective patent period of pharmaceutical drugs.

articles:

1.http://www.ftc.gov/os/2010/01/100112payfordelayrpt.pdf

2.http://www.nytimes.com/2013/06/18/business/supreme-court-says-drug-makers-can-be-sued- over-pay-for-delay-deals.html?_r=0

1. Explain how a patent creates a kind of monopoly and what benefits a patent conveys to the owner. 2. Explain what happens in a market when patent protection for a technology runs out. 3. Explain the effects of pay-for-delay actions on producers and consumers. 4. Discuss whether pay-for-delay tactics should no longer be allowed, or should continue. Be sure to support your conclusion using economic arguments