QUESTION 3 Pfizer-BioNTech is the founder and single producer of Covid-19 vaccines sold in the world....

 

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QUESTION 3 Pfizer-BioNTech is the founder and single producer of Covid-19 vaccines sold in the world. There was a worldwide argument on the patented drugs of the pharmaceutical industry especially in the wake of the current pandemic. a) Draw a graph to illustrates the effect of patented Covid-19 vaccines produced by Pfizer-BioNTech. In your graph, show the: i. iii. producer surplus. iv. deadweight loss. b) Why Pfizer-BioNTech will be allocatively inefficient? profit area of the market. consumer surplus. c) Briefly discuss the differences between monopoly and monopolistic firm's profit in the long run. d) Define barriers to entry. Discuss one type of barriers to entry with examples. QUESTION 3 Pfizer-BioNTech is the founder and single producer of Covid-19 vaccines sold in the world. There was a worldwide argument on the patented drugs of the pharmaceutical industry especially in the wake of the current pandemic. a) Draw a graph to illustrates the effect of patented Covid-19 vaccines produced by Pfizer-BioNTech. In your graph, show the: i. iii. producer surplus. iv. deadweight loss. b) Why Pfizer-BioNTech will be allocatively inefficient? profit area of the market. consumer surplus. c) Briefly discuss the differences between monopoly and monopolistic firm's profit in the long run. d) Define barriers to entry. Discuss one type of barriers to entry with examples.

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a b P Pfizer will the allocatively inefficient Because they produce less quantity of output ... View the full answer