ECO401
GDB Solution
Fall
2021
Solved By Abdul Hadi E Services
The Case:
The
corona-virus, is a challenging panic for the whole world due to its novelty and
fast spread, by affecting developed and developing countries equally. Currently,
the world is passing through midst phase of COVID-19 pandemic as a new variant
(Omicron) has also been appeared in different regions of the world. Omicron has
become a horrifying fear because of its fast transmission and silent disease
characteristics. World Health Organization (WHO) is providing medical
facilities, distributing safe and effective vaccines in all countries to
control the transmission of Omicron. Millions of lives have been saved through
safe and effective vaccination in this pandemic. Equal access to effective vaccines along with other
precautionary measures are very critical to end this COVID-19 pandemic.
Different companies are developing vaccines, World Health
Organization (WHO) has evaluated and approved the products of vaccines
companies against COVID-19 such as Covovax, Moderna, Pfizer/BionTech, COVAXIN,
Sinovac, Sinopharm, Nuvaxovid, Johnson and Johnson.
Requirement:
Keep in
mind the characteristics of four market structures discussed in the lectures.
Identify in which market structure vaccines companies are operating?
Justify your answer by discussing any two characteristics of that market
structure.
Solution:
Market Structure: Oligopoly or Cartel
1. Freedom of
Entry: Restricted means no one can start without permission
of concerned Departments i.e., WHO, NCOC, etc.
Number of Firms: there are only a few numbers
are firms that are allowed. We can see a limited of vaccines available because it’s
not an unrestricted market structure.
Price: Price is settled on the reaction of rivals to price change. Moreover, Price is dependent on the authority who
gives permission.
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