Biotechnology is considered as one of the key high-technology sectors in the future. It has been increasingly accepted that small, innovative businesses were the major stimulus for the development of this emerging industry. Many studies on new entrepreneurial entrants in biotechnology are mainly...

We investigate how firms' market power affects the price level. In our small macro- model we show, that firms - in addition to hypothesised structural mark-up pricing power - may take advantage of favourable business cycle fluctuations. The paper provides empirical evidence for both these...