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infoWhy this? The degree of competition influences firms’ pricing, output, innovation, and efficiency, with consequences for consumer choice and welfare. Analysing market structures and barriers to entry helps us explain how market power develops and judge whether competitive pressures deliver better economic outcomes.

scheduleWhy now? We now draw together elasticity, revenue, costs, and business growth to analyse firm behaviour in greater depth. This provides a more precise explanation of the market power concerns considered this term and supports later evaluation of intervention across the economy.