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Patents protect some inventions. One of the controversial aspects of the patent system is the patents...

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Economics

Patents protect some inventions. One of the controversialaspects of the patent system is the patents that are granted topharmaceutical companies. Critics of the patent system claim thatthese increases the price of life-saving drugs and make themunaffordable to the poor. What would happen if drugs were notallowed to be patented in the interest of increasing theiravailability at a lower price? How do the long-run and short-runeffects differ? Please be descriptive and use diagrams ifnecessary.

Answer & Explanation Solved by verified expert
3.7 Ratings (527 Votes)
the shortrun and longrun effects will indeed be different In the short run if drugs are not allowed to be patented this will lead to the free spread of the knowhow to make specific drugs The supply of these drugs will increase and    See Answer
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