Q1. PRICE MAKERS - Big Phan'na companies in the U5 [E2] in extremely competitive markets it is impossible to make much profit. The most profitable industries are those with significant degrees of monopoly power when rms have the power to raise prices without losing too many consumers. Drug companies in the US are an example of rms having substantial pricing power, according to this article: htt s1 wwwiheatlanticcom health archive e19 [113 dru - riceshi h-oostresearch-and-develo merit 55.5253 Based on this discussion and economic theory, draw an appropriate diagram of the protmaximising firm using a relevant demand curve to illustrate and explain in some detail the monopoly power of pharmaceutical companies in the US. Refer to key sentences and ideas from the article where relevant to support your analysis