Ive been working on a discussion board about the type of economics (Perfect Competition, Monopoly, Oligopoly,...
Ive been working on a discussion board about the type of economics (Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition, Monopsony) so as an example I picked the generic brand soda, coca cola and pepsi cola. I mention that i believe that this example was a Perfect competition market but the Professor reply to me saying "
Why a "competitive market"? Is the price the same for all firms? Is the product identical across firms? Is it relatively easy to enter the market and compete?
Please carefully review."
So i need to know what is the correct type of market according to my example.
Homework Answers
This is not an example of perfectly competitive market.
This is an example of oligopoly market. In oligopoly market, there are few sellers and each sellers command considerable share of market. Products are differentiated here. There is intense competition among the players. Hence, there is absence of clear demand curve for any firm. Demand for firm product depends on the actions of rival.
Market demand and supply do not determine single price for products. Both firms decide price level based on the potential actions of rival firms.
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Ive been working on a discussion board about the type of
economics (Perfect Competition, Monopoly, Oligopoly,...
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