Explain how this topic pertains to both concepts (elasticity and monopoly). Do you anticipate a similar outcome if a biopharmaceutical were to discover a vaccine for Covid-19?

Give your own opinion about whether the government should place price controls on pharmaceutical firms to avoid price hikes such as this andwhat impact this might price controls have on research and development for new drugs.

Please note: Your opinion should be supported using the economic concepts from class. If you use any other sources, be sure to cite them within the text as well as provide a bibliographical citation at the end