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The Costs and Benefits of Monopoly

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Title:
The Costs and Benefits of Monopoly
Description:

In this video, we explore the costs and benefits of monopolies. We cover how monopolies and patents breed deadweight loss, market inefficiencies, and corruption. But we also look at what would happen if we eliminated patents for industries with high R&D costs, such as the pharmaceutical industry. Eliminating patents in this case may result in less innovation and, specifically, fewer new drugs being created. We also consider some of the tradeoffs of patents and look at alternative ways to reward research and development such as patent buyouts and using prizes to foster innovation.

Microeconomics Course: http://mruniversity.com/courses/principles-economics-microeconomics

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Video Language:
English
Team:
Marginal Revolution University
Project:
Micro
Duration:
08:40
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