Answer all parts:

With regard to competition policy directed against abuse of a dominant position, and making use of a real-world case or cases to support your argument

:

(a)Explain how a monopolistic incumbent can use a discount scheme to foreclose the market against the entry of a potential more efficient competitor [12 marks]

(b)

Suppose that a competition authority has established that a monopolist used loyalty

discount schemes that covered most of their sales. Name and explain the two most

important questions that need to be addressed from an economic perspective in order to prove that anti competitive market foreclosure has taken place.

[30 marks]

(c)

Discuss possible

reasons why, despite repeated calls for a more economic approach to competition policy, competition authorities struggle with implementing

such an approach.

[8 marks]

[50 marks in total )

in great detail please especially Part b