“…Some of these studies refer to Belgium(Dobbelaere, 2004), Greece(Polemis, 2014;Amountzias, 2017), Ireland(Boyle, 2004), Slovenia(De Loecker, 2007), Sweden(Wilhelmsson, 2006) and the UK Warzynski, 2003, 2006;Amountzias, 2018). 14 Nevertheless, De Loecker and Eeckhout (2017) support that higher markup ratios may not always reflect market power.…”