Is a monopoly always bad for society?   Question 6 options:   None of the other answers is correct   Yes. Monopoly is always bad   Monopoly is not bad if its owner gives back to society in charity   No. For example, patents on medications create monopolies, and increase the price and reduce the quantity sold, but without them, no one would take the high costs of developing new drugs and the quantity will be... zero!

ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter9: Monopoly
Section: Chapter Questions
Problem 4.5P
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Is a monopoly always bad for society?

 

Question 6 options:

 

None of the other answers is correct

 

Yes. Monopoly is always bad

 

Monopoly is not bad if its owner gives back to society in charity

 

No. For example, patents on medications create monopolies, and increase the price and reduce the quantity sold, but without them, no one would take the high costs of developing new drugs and the quantity will be... zero!

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