Using what we've learned about identifying market structures, determine the market structure for your company.

Microeconomics Assignment 4 Applying Market Structure models. 25 points possible

Pick a business that you are familiar with (preferably the one you used in assignment 1). 1. Briefly describe the business. 2 points

1. How many businesses of this types are there in the area? In the country? 2 points
2. How easy is it to start a business that would compete with this one? Are there barriers to entry or exit? 3 points
3. What type of product or service does the business produce? Is it identical to others in the industry or is it differentiated to some degree or perhaps unique? 2 points
4. How much control does the business have over its price in the marketplace? 3 points
5. Should the business engage in marketing and advertising? Why or why not? 3 points
6. Should the business develop new products or services? Why or why not? 3 points
7. Should the business develop new production (or service) technologies or processes? Why or why not? 3 points
8. Based on your answers to questions 2-8 above, what type of market structure model fits this business best? Why? 4 points