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.
