Question

Which of the following is the most likely to happen when a pharmaceutical company obtains a...

Which of the following is the most likely to happen when a pharmaceutical company obtains a patent for a new vaccine?

a.

prices will be lower than without the patent.
b.

lower quantities of vaccines would be produced than without the patent.
c.

less incentives for pharmaceutical companies to invest in research and development.
d.

product will be priced higher than it would be without the exclusive rights.
Business   Economics   
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Answer #1

Option B is correct. Lower quantities of vaccines would be produced than without the patent. After providing patent of vaccine to the firm no other firm would be able to produce the same vaccine and hence there will be only single producer of the vaccine and hence quantity produced will be less as compare to without patent.

Option A is incorrect as price will be higher than without the patent

Option C is incorrect as it will encourage the firm to invest more in research

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