This week we are looking at industries. For example, automobiles are a product produced collective by firms in the auto industry. The elasticity of a firm’s demand curve depends on the type of market in which the firm operates. In the video, an Academy, provides the keys to identifying the industry type: perfectly competitive; monopolistic competitive; oligopoly; or pure monopoly.
First, identify a firm with which you or your organization does business. Use the characteristics provided by Sal and explain if the firm is: perfectly competitive; monopolistic competitive; oligopoly; or pure monopoly.
Second, is the firm’s demand curve relatively elastic or relatively inelastic? Explain how you arrive at this conclusion.
Third, how does elasticity effect the firm’s control over its price?PLEASE DO NOT RELY ON WIKIPEDIA, INVESTOPEDIA OR ANY OTHER PEDIA AS A REFERENCE AT ANYTIME.
The text summarized monopolistic competition as follows:
Monopolistic competition refers to a market where many firms sell differentiated products. Differentiated products can arise from characteristics of the good or service, location from which the product is sold, intangible aspects of the product, and perceptions of the product.
Think about a small business you might enjoy opening. Typical examples might be a restaurant, specialty clothing store, or professional service. Assume that it will be in a monopolistically competitive market structure. How will you specifically differentiate your product from others in the market?
Please answer in 150 words or more. Use your own words – please do not copy and paste from a web site. Be sure to reference your sources.
Using the internet, find and article which discusses an oligopoly industry. In a 1 to 2 page paper describe the key characteristics which make this an oligopoly market. State your case whether you believe the firms are cooperating, competing, or a little of both.
Ensure you have presented your assignment in a logical format, that has an introduction paragraph, the body (one or more paragraphs), and a concluding paragraph.Also ensure that you have the appropriate formatting to avoid plagiarism and the appropriate grammar
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