Compare the given points with the monopoly outcome

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Reference no: EM132178125

Question: Suppose a new product is developed and is supplied by a monopolist with a patent. Compared with the monopoly outcome, indicate whether consumer surplus, producer surplus, and total surplus increase, decrease, or remain the same under the following scenarios.

a. Another producer creates a similar product and colludes with the original producer.

b. Another producer creates a similar product and competes with the original producer.

c. The patent expires.

Reference no: EM132178125

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