introduction to microeconomics

A recent Supreme Court outcome is discussed in Edward Wyatt, “Supreme Court Lets Regulators Sue Over Generic Drug Deals”, New York Times, June 17, 2013. (Documents at the end) After reading these articles:
1. Explain how a patent creates a kind of monopoly and what benefits a patent conveys to the owner.
2. Explain what happens in a market when patent protection for a technology runs out.
3. Explain the effects of pay–for–delay actions on producers and consumers.
4. Discuss whether pay–for–delay tactics should no longer be allowed or should continue. Be sure to support your conclusion using economic arguments.
Economic Analysis
1. Explains how a patent is a monopoly but does not include benefits to the producer (patent holder) or impact on consumers or is economically incorrect.
2. Explains what happens in the market to both producers and consumers when a patent runs out is economically incorrect, incoherent, or missing 
3. Explains how a patent is a monopoly includes benefits to the producer (patent holder) and impact on consumers and is economically correct.
4. Explains what happens in the market to both producers and consumers when a patent runs out is economically correct and coherent and how payfor-delay tactics extend patent protect