Review the various market structures, defining perfect competition, monopolies, monopolistic competition and oligopolies.

Review the various market structures, defining perfect competition, monopolies, monopolistic competition and oligopolies.

In this exercise, you will review the various market structures, defining “perfect competition,” “monopolies,” “monopolistic competition,” and “oligopolies.” The differences among them can be illustrated from a graphical and descriptive perspective.

Upon completion of this assignment, you should be able to:

Compare and contrast “perfect competition,” “monopoly,” “monopolistic competition,” and “oligopoly.”

Resources

Textbook: Economics for Managers

Background Information

There are significant differences in the structures of markets characterized as “monopolies,” “monopolistic competition,” “oligopolies, an”d “perfect competition.” It is important to differentiate among these market structures in terms of business economics and managerial analysis, whether it is from the perspective of the small, medium, or large organization.

Instructions

Before beginning this exercise, read Chapters 7, 8, and 9 in Economics for Managers.

Classify each of the following industries or organizations as an oligopoly, a monopoly, or being monopolistically or perfectly competitive:

Athletic shoes

Restaurants

Watches

Aircraft

Department of Motor Vehicles

Aircraft

Ice cream

Electricity and utilities

Write a 500-word paper defining each market structure, then explaining your categorization of these eight industries. If you are not sure, what information would you need to know in order to decide?

Use a minimum of three sources in addition to your text with this assignment. Your three sources may include scholarly sources, credible newspapers, trade journals, or websites. Be sure to use OCLS to find these sources.

Use APA formatting for your paper and citations.

When you’ve completed your assignment, save a copy for yourself and submit a copy to your instructor using the Dropbox by the end of the workshop

Answer preview Review the various market structures, defining perfect competition, monopolies, monopolistic competition and oligopolies.

Review the various market structures, defining perfect competition, monopolies, monopolistic competition and oligopolies.

APA

674 words