Patent Extension and Social Welfare

It would likely reduce social welfare long-term by preventing new entrants from competing thus stifling innovation outside existing firms’ control while elevating prices above MC indefinitely causing persistent DWLs

It would marginally increase social welfare as continual enhancements improve product quality, though slightly elevated prices may persist longer than ideal

Patents allow for increased competition and encourage productivity effects that are positive for social welfare, even if granted to multiple firms perpetually through minor modifications

Patents stimulate innovation providing overall net positive effects on social welfare by encouraging significant R&D investments even if extended perpetually via incremental changes