extent of competition from substitute products. I estimate that, in 2019, public corporations produced consumer surplus in …

The model of perfect competition is one of the most famous, most important, and most misunderstood concepts in … economics. Rather than aiming to be a full-blown model of real-world competitive markets, the perfect competition model isolates … only feature of market competition, but it plays a central role regarding to its virtues, and understanding the working …

products that are more directly affected by competition. However, at the product therapeutic area level, we find a reduction in … innovation by new entrants after the ruling in response to increased competition. Overall, these results are consistent with …