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When COVID-19 stated spreading across the world, the race was on to develop vaccines as quickly as possible. Such research & development has a high
When COVID-19 stated spreading across the world, the race was on to develop vaccines as quickly as possible. Such research & development has a high fixed cost and can only be undertaken in industries with high market concentration where firms have significant monopoly power, like the pharmaceutical industry. Examine this industry using the theory and models of industry structure. Should government be worried about any aspect of how an industry with this market structure will perform?
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