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Happy Pets Inc. has had a virtual monopoly for antidepressant drugs for animals for many years (similar 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. What other recommendations would you offer this firm?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M962331

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