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.”
Textbook: Economics for Managers
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.
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:
Department of Motor Vehicles
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