Read the following directions and post an answer of at least two paragraphs (a minimum of 500 words). Be sure to use standard English in your answers, with appropriate punctuation (refer to the grading rubric). I am looking for evidence that you have read the response as well as what your opinion is on the topic. After you compose your response you will upload your posting using this tool. Once the deadline for the discussion topic is closed you will no longer have access to this tool.
The following articles address issues surrounding monopoly power. As noted earlier in the semester our economic system provides for patent protections (monopoly power). Enabling individuals to financially benefit from innovations is also balanced with a monopolist’s ability to raise the price of products beyond the ability for some to afford it, such as a diabetic needing insulin (an inelastic good)
Please review the following articles:
The benefits of monopoly power
The downside of monopoly power
https://www.cbsnews.com/news/whats-so-bad-about-monopoly-power/ (Links to an external site.)
Why pharmaceutical companies charge so much
1) Do you think that the large profits reaped by firms in the U.S. pharmaceutical industry provide the industry with sufficient incentives to innovate?
2) What type of action should the government take to soften the impact of monopolies?
3 When a pharmaceutical company comes up with a vaccine for the corona virus should there be a price ceiling imposed on the cost?
