Describe changes in pricing that are likely as competitors


Happy Pets Inc has had a virtual monopoly for antidepressant drugs for animals for many years (similiar to Eli Lilly's product Prozac for humans). With a patent on this drug, it has had very little competition and this drug has been a major source of company revenue and profit. However, the patent will soon expire and other drug-manufacturing firms seem to be preparing to enter the market in competition with Happy Pets. Describe the changes in pricing that are likely as competitors enter this market.

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Microeconomics: Describe changes in pricing that are likely as competitors
Reference No:- TGS062987

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