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You will write an original post responding to the following prompt (worth 15 points) (1-2 paragraphs in length):
1. You will write an original post responding to the following prompt (worth 15 points) (1-2 paragraphs in length):In the last post we described a market that was perfectly (or at least very) competitive. There are not a lot of examples of these types of markets as you all discovered. The majority of markets that exist today are somewhere between perfectly competitive and monopolistic markets.For this post you will be choosing a firm and describing whether or not this firm is in a oligopolistic market or a monopolistically competitive market. You must describe why the market structure is what you claim it is, in this you should be describing the characteristics of the market structure and how the market that your firm resides in is consistent with the description of the market. What allows your firm to have monopoly power? What does this do to the price of the good that your firm sells? What about the quantity? Discuss these in comparison to what the prices and quantities produced would be if your firm was in a perfectly competitive market and monopolistic market. You should choose a firm that has not been chosen by another person.
