QUESTION “generic drug”contains the same active chemical ingredientas a drug that was previouslyprotected by a patent. Generic drugs are essentially the sameand are sold by many different, smallfirmsafter the original patent has expired. A well-known example is the antibiotic penicillin. The COVID-19 pandemic has seen high use of penicillin by those infected by the virus. Using the demand-supply model, analyse this change inconsumer preferencesregarding this drug. Examine the likely consequences in one or two related markets of your choice
QUESTION “generic drug”contains the same active chemical ingredientas a drug that was previouslyprotected by a patent. Generic drugs are essentially the sameand are sold by many different, smallfirmsafter the original patent has expired. A well-known example is the antibiotic penicillin. The COVID-19 pandemic has seen high use of penicillin by those infected by the virus. Using the demand-supply model, analyse this change inconsumer preferencesregarding this drug. Examine the likely consequences in one or two related markets of your choice
Chapter1: Making Economics Decisions
Section: Chapter Questions
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“generic drug”contains the same active chemical ingredientas a drug that was previouslyprotected by a patent. Generic drugs are essentially the sameand are sold by many different, smallfirmsafter the original patent has expired. A well-known example is the antibiotic penicillin. The COVID-19 pandemic has seen high use of penicillin by those infected by the virus.
Using the demand-supply model, analyse this change inconsumer preferencesregarding this drug. Examine the likely consequences in one or two related markets of your choice.
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