Select any firm or product.? You may NOT use the product you were assigned for the discussion on perfect competition. Use
- Select any firm or product. You may NOT use the product you were assigned for the discussion on perfect competition.
- Use two characteristics of a firm (number of sellers, type of product, and barriers or ease of entry) to classify if this firm or product is perfect competition, monopoly, monopolistic competition, or oligopoly.
- Then post a response to another post providing the third characteristic of that product, or provide justification using a characteristic on why that firm/product may be a different market structure.
Hints:
Choose a product that you use everyday.
Think about the product and if there are a lot of sellers, many or few substitutes, and if it would be easy to start up a new firm to compete with that product.
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