Principles of Economics: Microeconomics - Maximizing Profit Under Monopoly

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What you'll learn

This course includes

11.5 hours of video
Certificate of completion
Access on mobile and TV

Summary

Keywords

AIDS (Disease Or Medical Condition) AIDS medication Patent (Legal Subject) Pharmaceutical Industry (Industry) Monopoly (Literature Subject) market power Profit Microeconomics (Field Of Study) econ monopoly graph economics

Full Transcript

AIDS has killed more than 36 million people worldwide. There are drugs available to treat AIDS, but the price of one pill is incredibly high in the U.S. — coming in at 25 times higher than its cost. Why is that? In this video, we show how patent rights have created a monopoly in the U.S. market for AIDS medication, causing pills to be very expensive. In other countries, however, such as India, which does not recognize patents on AIDS medication, prices remain low. Using this example, we go over how monopolies use market power to increase prices. Microeconomics Course: http://bit.ly/20VablY Next video: http://bit.ly/21rj3C7 Help us caption & translate this video! http://amara.org/v/GSLJ/

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