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Discuss fully the concept of market power

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Reference no: EM132917095

1. Discuss fully the concept of "market power" in the context of market structure.

2. Discuss fully the following characteristics of a monopoly:

2.1 single seller or producer

2.2 Unique product

2.3 Impossible entry

3. What is meant by economies of scale? Cite an example.

4. Discuss fully the following characteristics of a monopolistic competition:

4.1 Many small sellers

4.2 Differentiated products

4.3 Easy market entry and exit

5. In y.our opi.nion, in what market structure do manufacturers of COVID-19 vaccine belong to? Why? Explain fully your answer.

6. Relative to question No. 5, make a research on how said companies set and determine the price and output (e.g. units of production) of their vaccines respectively. What strategies do they employ to be able to compete in the market?

Reference no: EM132917095

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