Lecture Issues in economics today - Chapter 23: The economics of prescription drugs
Lecture Issues in economics today - Chapter 23: The economics of prescription drugs
In this chapter you will learn: Apply the concepts of monopoly as well as consumer and producer surplus to the economics of prescription drugs; summarize why most health economists view prescription drugs as relatively inexpensive, even while most noneconomists view them as very expensiv; explain why it is that most health economists do not favor price controls on prescription drugs; identify the consequences of an approval process that is too stringent or too lax.