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3 pagesFor this assignment you will continuing to examine other businesses in your chosen industry. Remember that the other businesses you wrote about in your Module 2(Coffee Shop Business) will be
3 pages
For this assignment you will continuing to examine other businesses in your chosen industry. Remember that the other businesses you wrote about in your Module 2(Coffee Shop Business) will be your future competitors if you decide to open your own business.
So it is important to get an idea of the competitive landscape of your chosen business. After reviewing the required background readings and doing some more research on your chosen industry,
write a 3page paper discussing the following issues:
1.What market structure is there for this line of business in your home town? Is this a monopoly, oligopoly, monopolistic competition, or perfect competition? Justify your answer using both your own research on this type of business in your home town, and by referencing some of the required background readings on different types of market structures.
2.Now that you have examined market structure of your chosen industry in your home town, do some research on IBIS (https://www.ibisworld.com) World on market structure in this industry nationwide. What information could you find regarding how concentrated or how competitive this industry is?
3.Based on the information you found for Question 2, what market structure do you think best describes this industry nationwide? Is this a monopoly, oligopoly, monopolistic competition, or perfect competition? Explain your answer using both information from IBIS World and the concepts from the required background readings.
Reference
McGlasson, M. (2009). Episode 25: Market structures. https://www.youtube.com/watch?v=9Hxy-TuX9fs&list=PLr6g_xbkz_0u_cINHBVW1ZuEpozKk2XGx
Taylor, T. (2014) Microeconomics. OpenStax College. http://cnx.org/contents/:WXgRcPaN@10/Introduction-to-a-Monopoly
Beveridge, T. M. (2013). Chapter 8: Between perfect competition and monopoly. A Primer on Microeconomics. [New York, N.Y.] [222 East 46th Street, New York, NY 10017]: Business Expert Press.
