Latest ECO401 GDB Solution Fall 2022

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ECO401 GDB 1

Fall 2022

 

Solution:

According to the scenario, there is Use of an Oligopoly Market Structure by Vaccine Companies.

Here are some reasons why it is adopted.

·         Number of Firms:

As there are only 9 Companies are allowed to make Covid Vaccine So it is Characteristic of Oligopoly because there are (2-20) Firms are allowed to operate.

·         Interdependence

It is also a feature of Oligopoly all firms are interdependent with eachother because all are doing effort to make a same Vaccine with full effectiveness and least price budget.

·         Barriers to Entry and Exit

As WHO allowed only 9 companies to make Vaccine So they are approved to make it the entry of a new firm or Company by WHO will be very difficult or exit of existing companies will also.be very difficult which is feature of oligopoly

·         Group Behaviour

When Covid started each and every firm started to work hard to make vaccine of it. The Top level Companies who are approved and Make effective vaccines they are working in groups or the employees in them working in a group to findout a better solution .

Its also a feature of Oligopoly.



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