Why the price of a brand-name drug typically declines, Microeconomics

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Why the price of a brand-name drug typically declines

Problem

How does a generic drug differ from its brand-name, previously patented equivalent? Explain why the price of a brand-name drug typically declines when an equivalent generic drug becomes available? Explain how that drop in price affects allocative efficiency.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Why the price of a brand-name drug typically declines

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