1.While a couple of options are available to Australians to vaccinate against Covid-19, there is a clear preference for one particular vaccine brand (say P).

a.Do you think brand P has a monopoly in the vaccine market? Explain your response. (2 marks)

b.Considering the high demand for brand P, show the market output for the firm to maximise its profits using a diagram. Explain your answer fully. (3 marks)