Start your discussion by responding to these questions using the company for which you currently work, a business with which you're familiar, or a dream business you want to start: With your selected business in mind, determine if it is in a market characterized by perfect competition, monopolistic competition, oligopoly, or monopoly. How does the business/firm in this industry determine the price it will charge for the products or services it sells?

Why do oligopolies exist? List five or six oligopolists whose products you own or regularly purchase. What distinguishes oligopoly from monopolistic competition?

Consider the local music scene in your area. Name some of the local live bands that play in clubs and music halls, both on and off-campus. Look in your local newspaper for advertisements for upcoming shows or performances. How would you characterize the market for local musicians? Is there product differentiation? In what specific ways do firms (individual performers or bands) compete? To what degree are they able to exercise market power? Are there barriers to entry? How profitable do you think the musicians are?

Monopolistic competition creates inefficiency because of the Price markups and excess capacity. The graph depicts the situation $100 for a hypothetical monopolistically competitive firm. The 90 curves included in the graph are demand (D), marginal 80 revenue (MR), average total cost (ATC), and marginal cost ATC (MC). Use the graph to find the requested values. 70 60 What is the size of the markup on the price? 50 40 markup: $ 30 What is the size of the excess capacity? 20 MC MR 10 units excess capacity: 20 30 40 50 60 70 80 90 10 100 Quantity

how to maximize profit in monopoly, competitive market, oligopoly and monopolistic competition?

Please answer question number 11 to 15 and Choose the correct answers.

A goods market has many buyers and many sellers, and its largest company produces a small amount of the total market output. In addition, all sellers produce identical goods. What market structure is consistent with this description? Select one: a. Oligopoly b. Monopoly c. Perfect competition d. Monopolistic competition

You are planning on starting a fast food restaurant to compete with KFC, Chick-fil- a, Zaxby's, Popeyes, and Bojangles. You want to be more upscale and your chicken will have a crispier skin. Which market structure are you entering into? Monopoly Monopolistic Competition Geographic Monopoly Oligopoly

There are several hamburger shops around you. You are trying to find ways to make your hamburger shop the most successful hamburger shop in your area. What is at least one way you would differentiate your shop from others?

There are thousands of wheat farmers who produce and sell wheat and there are millions of consumers who use wheat and wheat products. What would the market for wheat be considered?   Question 15 options:   monopolistic   perfectly competitive   monopolistically competitive   oligopolistic