Distinguish among four market structures: perfect competition, monopolistic competition, oligopoly, and monopoly in this order.
Identify your company’s market structure (i.e., perfect competition, monopolistic competition, oligopoly, and monopoly), explaining your reasoning.
Examine whether competitive pressures are present in your company’s industry with high barriers to entry.
Evaluate how high barriers to entry into the industry may influence your company’s long-run profitability.
Explain the price elasticity of demand in your company’s market structure and its effect on your company’s pricing decision.
Investigate whether government regulations encourage or discourage your business relative to its industry.
Analyze how the role of the government may affect your market structure’s ability to price its products.
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