Question: Assume an outbreak of a life threatening health condition occurs in a competitive pharmaceuticals market. What will the implications be to the price and quality of vaccines sold in this market? Illustrate using appropriate graphs

Additionally notes:

The pharmaceuticals company previously had a patent on this vaccine, however it expired, ultimately collapsing their monopoly market. This has created a competitive market as firms acquired a high degree of information of the vaccine and it is now generic vaccine. Firms are free to exit and enter the market and make a profit.