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Question: Traditional economic thinking views monopolies as having little incentive to innovate due to the lack of competition. The Economist article "Slackers or Pace-Setters?" argues that monopolies may have more reasons to innovate than traditionally thought. What role do barriers to entry play in determining whether a dominant firm is a "slacker" or a "pace-setter"? Explain. What kinds of barriers to entry exist in the pharmaceutical industry? How does the suggested relationship between market share and innovation complicate matters for regulators of monopolies?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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