CWV Examples of Imperfect Competition

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School

Grand Canyon University *

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361

Subject

Economics

Date

Jan 9, 2024

Type

docx

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Uploaded by SailorSwanMama

CWV: Examples of Imperfect Competition If you want to start a new business, which market structure among monopolistic competition, oligopoly, and monopoly will your business belong to? What will be characteristics of your business and market? Substantive Responses (100 words or more) to the Question Will Count for Participation Points! While I wish I were the only one with the idea to become a truck driving accountant but I know I can’t be. There is too much of a need for a person that understands and appreciates the hard work and sacrifices that are required of drivers, especially those that cover the continental U.S. and Canada and Mexico. Even so, I do not want to be a monopoly because I don’t want that much responsibility to be the setter of the fairness scale in my industry. I do not want to be a monopolistic competition as it once again sets the scale for fairness in my industry… both of my industries. So that leaves an oligopoly. According to the Investopedia team, “ In an oligopoly, there is a small number of firms that control the market. A key characteristic of an oligopoly is that none of these firms can keep the other(s) from having significant influence over the market.” (Investopedia team, 2023). This is what I seek in an industry without a lot of room to grow. We will just be and hopefully, we all provide financial advice to those that keep America moving. Blessings, Ingrid

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