Before the patent on its allergy medicine expired,Renova Pharma Inc.was able to set its own market price for the drug.From which type of market structure did the company benefit?

Question

Quizplus · Accepted Answer

Renova Pharma Inc. was able to set its own market price for the allergy medicine, which indicates that it had no competitors in the market. This suggests that the company benefited from a monopoly market structure where it had complete control over the supply and price of the product.

Before the Patent on Its Allergy Medicine Expired,Renova Pharma Inc