Imperfect Competition

Price-taking behavior

Non-price competition

Price discrimination

High fixed costs

Price decreases and output increases.

Both price and output decrease.

Price increases and output remains unchanged.

Price remains unchanged and output decreases.

Monopolistic competition

Monopoly

Perfect competition

Oligopoly

The supply curve might shift to the left due to increased production costs.

There would likely be no changes to the supply curves since environmental legislation affects only consumer behavior.

There could be decreased production resulting in movement along the existing supply curve.

The supply curve could potentially shift to the right as automakers experience cost savings from government funding for research and development.

The high price leads consumers towards perfect competition resulting in equal quantities demanded across all suppliers at lower prices than the monopoly's offering price point.

Demand becomes more inelastic due to lack of substitutes causing limited change in quantity demanded despite high prices.

Consumers switch to substitute goods leading to a substantial decrease in quantity demanded for the patented medicine.

Demand curve shifts leftward indicating fewer units purchased across all possible prices due largely in part to alternative treatment methods becoming more attractive financially speaking given the circumstances described above.

Concentration ratio

Competitive dynamics rate

Monopolistic efficiency scale

Perfect Competition Index

Monopoly

Perfect competition

Monopolistic competition

Oligopoly

Firms do not differentiate their products.

Firms have no barriers to entry, allowing new firms to easily join the industry.

Firms produce at efficient levels in the long run.

Firms earn long-run profits, except for monopolistic competition.

Patents grant exclusive rights which increases monopoly power allowing patented drug producers temporarily set higher than competitive level pricing.

No change occurs since ethical considerations surrounding essential medicines force governments intervene keeping drugs affordable regardless of patent status.

Decreased monopoly power ensues patents attract fierce international competition undercutting original producer's dominant position despite holding patents.

Increased competition occurs post patenting as generic brand alternatives drive down monopoly power industry wide when entering quickly after patent release.

The demand curve would become more elastic.

The demand curve would become perfectly inelastic.

The demand curve would shift to the right, indicating increased demand.

The demand curve would shift to the left, indicating decreased demand.