Hi, need to submit a 250 words essay on the topic Market structure and the determination of market price.On the other hand, an imperfect market is characterized by regulations limits the number of ind

Hi, need to submit a 250 words essay on the topic Market structure and the determination of market price.

On the other hand, an imperfect market is characterized by regulations limits the number of individuals selling products or services (White and Fraley, n.d.). The pharmaceutical industry is a highly regulated industry hence it presents a great level of imperfect competition.

The imperfect competition in the pharmaceutical industry is found on the supply side of the market. There are so many regulations that follow before the product is introduced in the market. The bigwigs in the industry have already overcome the regulations hence focus on changing trends in the in the market. New entrants will always face challenges. In order to ensure that these pharmaceuticals do not fix prices, governments facilitate the adoption of bilateral monopolies as well as do bargaining to ensure the prices are regulated (White and Fraley, n.d.) Increase in the number of producers as well as elimination of regulations will facilitate the shift in the supply curve. However, the demand curve can also be affected when individuals opt for alternative medicine.

Firstly, removal of regulations can facilitate the increase in the number of producers hence the shift in the supply curve. Secondly, lack of government bargaining can result to the pharmaceuticals overpricing since the demand for pharmaceuticals is constant. Finally, Use of alternative medicine can result to a shift in the demand curve because the consumption of pharmaceutical products is reduced (Guha, Lacy and Woodhouse, 2008)..

Guha, R., Lacy, A. M. and Woodhouse, S.(2008). Analyzing competition in the Pharmaceutical industry. Economics Committee Newsletter, Vol 8 No.1. Retrieved on 30 January 2014 from http://www.cornerstone.com/getattachment/5f41372f-11ac-4f45-9f27-45b1dad16444/Analyzing-Competition-in-the-Pharmaceutical-Indust.aspx

White, R. F. and Fraley, S. (n.d). Imperfect competition, price fairness and the pharmaceutical industry. Journal of Ethics, Vol 1, No 2. Retrieved on 30 January 2014 from

Calculate your essay price
(550 words)

Approximate price: $

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)
Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more