Assignment #1.
Perfect competition and monopoly are at opposite ends of the competition spectrum. The other two market structures, monopolistic competition and oligopoly fall in between these 2.
After carefully studying the characteristics of market structure, you are to identify and research a firm (or business unit of firm) operating in one of the following market structures (choose one market type to write about) (a) Perfectly Competitive (or very close to competitive such as family farm grain production business) or (b) Monopolistic Competition or (c) Oligopoly or (d) Monopoly.
Identify the firm, what it produces (products or services), and market structure (and rationale for why you think it belongs in your selected market structure category).
Identify major competitors.
Discuss the nature of competition in industry in terms of pricing, production, strategic positioning of product/service offerings, etc.
Discuss barriers to entry and how this is relevant to identified market structure.
