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What happens in the long run when the patent expires

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Reference no: EM13975105

Suppose the book-printing industry is competitive and begins in a long-run equilibrium. 

a) Draw a diagram describing the typical firm in the industry.

b) Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. What happens to Hi-Tech's profits and the price of books in the short run when Hi-Tech's patent prevents other firms from using the new technology?

c) What happens in the long run when the patent expires and other firms are free to use the technology?

Reference no: EM13975105

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