Consider A Firm Who Created A Product And Applied For A Patent. This Patent Is Now About To Expire And It Is Expected Quite A Number Of Additional Firms Will Begin To Produce A Variation Of This Good. A. Describe In Detail What The Original (With Patent) And New (Without Patent) Market Structures Will Look Like. B. Explain Whether It’s True, False Or Consider a firm who created a product and applied for a patent. This patent is now about to expire and it is expected quite a number of additional firms will begin to produce a variation of this good.a. Describe in detail what the original (with patent) and new (without patent) market structures will look like.b. Explain whether it’s true, false or uncertain that the increase in competition will lead to zero profits for the firms and a better outcome for the consumers and the market.
