answered the first question on patents, unbranded products to consumers, government policies to promote competition between firms and firms’ reactions to threat of new entry.
relatively pleased with my paper. but for the last question (part d) i assumed that you could pick any market and talk about the different reactions to threat of entry. well in the end i picked the healthcare market like they suggested, and wrote about firms’ behaviour for a monopolistically competitive market. i reckoned it would be monopolistically competitive because of slightly differentiated products, overall quite homogeneous goods (each type of drug will still use the same ingredients and have the same effects no matter with brand), rather good market knowledge and transparency (the article said that the patent set out on RB ended in 1999), and the fact that all products were targetted to the same group of consumers (in the case consumers of all gender, age groups, interests because everyone can get ill).
i chose for the resulting behaviourial changes as: becoming more cost and price competitive, develop other objectives other than profit maximising such as sales revenue max (of course to do with the short run), short run limit pricing and possible vertical integration.
BUT i wrote so little for my 4th point (vertical integration) it was literally not worth even mentioning it! TT
HOPEFULLY my part c made up for it……