We can say that in a monopoly, the price is always higher than the socially optimal price
EXAMPLE: a pharmaceutical company brings out a new medicine for diabetes. It acquires a patent from the government for the production of that medicine implying that only that pharma company has the right to produce the medicine till the patent expires. This leads to a monopoly situation in the market. Now this pharma company can charge the highest price possible so that its profit is maximum since it is the sole producer of that medicine.
Answer:
Due to the amount of slaves a ship would or could carrh,disease would spread quickly, and more slaves would die on board.
Answer:
The demand for the company's product would skyrocket, likely inflating the prices of the product.
Explanation:
First of all, say for example you've developed a super potent pill that could cure many diseases. The demand for the pill increases and the prices go up. There's a likely chance of it getting patented due to its demand and success. But don't forget about the competition. There's also other companies that might try to imitate your recipe for their own profits. But since we're talking about just one company, that might not affect demand.
C. First European settlement in Arkansas.
