Suppose a new product is developed and is supplied by a monopolist with a patent. Compared with the monopoly outcome, indicate whether consumer surplus, producer surplus, and total surplus increase, decrease, or remain the same under the following scenarios. total under the following scenarios Producer surplus Consumer Scenario surplus Total surplus a. Another producer creates a lar product and colludes emains the sam Remains the samRemains the samx with the original producer.
b. Another producer creates a similar product and competes with the original producer
c. The patent expires. Increases Decreases Increases Increases DecreasesIncreases