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The European Commission has stated that it expects to get access to Covid19 vaccines from pharmaceutical companies at prices more favourable than the USA because

The European Commission has stated that it expects to get access to Covid19 vaccines from pharmaceutical companies at prices more favourable than the USA because of significant economies of scale in the sector. Explain what are economies of scale and the extent to which they might be present in the pharmaceutical sector. How valid therefore is the Commission's argument?

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