HMGT 435 Week 5 Discussion

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Economics

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Feb 20, 2024

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● What are the characteristics of monopolistic competition? Provide an example. ○ Monopolistic competition is “a type of market structure where many companies are present in an industry, and they produce similar but differentiated products” (Monopolistic Competition, 2023). Some characteristics of monopolistic competition are a large number of smaller firms, similar products, free entry and exit barriers, and extensive knowledge of prices and technology. Some examples of monopolistic competition are ■ Coca-Cola vs. Pepsi ■ Uber vs Lyft ■ CVS pharmacy vs Walgreens pharmacy ■ Medline Supply ordering vs Cardinal Health supply ordering. ● What conditions must exist for a firm to be able to price discriminate? Provide an example. ○ The conditions that must exist for a firm to price discriminate are market power, demand recognition, resale prevention, and demand-related characteristics. An example of price discrimination is hospitals giving discounts on procedures, medications, and ervices for patients who don't have insurance, but charging patients who have insurance higher prices. References Monopolistic Competition. Corporate Finance Institute. (2023, November 22). https://corporatefinanceinstitute.com/resources/economics/monopolistic-competition-2/

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