Chapter 2 (End-Of-Chapter_Application-Questions 1)

Solution for BUSN 7 7th Edition Chapter 2, Problem 1

by Marcella Kelly, Chuck Williams
408 Solutions 40 Chapters 49088 Studied ISBN: 9781305436848 Management 5 (1)

Chapter 2, Problem End-Of-Chapter_Application-Questions 1 : 1. Research four industries—past or present—that represent the...

1. Research four industries—past or present—that represent the four degrees of competition (pure competition, monopolistic competition, oligopoly, and monopoly). For each example, describe the industry, explain how it came to embody that type of competition, and describe how difficult it would be for an entrepreneur to enter the industry. Finally, provide your opinion regarding whether certain industries are better suited to certain degrees of competition, or if all industries should strive toward one single type of competition in particular.


Step-By-Step Solution

1.This exercise will serve to contrast the four degrees of competition for students. Students will come up with plenty of creative examples for the four degrees of competition. For the opinion section, students’ answers should explore the complexity of competition. Students may gravitate toward one option or the other, but they are more likely to fall somewhere along the spectrum.

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