Urgent economic discussion, 3 questions total of 850 words

Learning Goal: I’m working on a economics discussion question and need an explanation and answer to help me learn.

  1. Respond to the following prompt in a post with a minimum of 300 words.

We’ve observed that there are few examples of perfectly competitive markets in the real world, yet we use the model of perfect competition as a comparison with other market structures. Can you think of any examples of monopoly in the real world?Describe something you believe could possibly called a monopoly and explain why it fits the characteristics of a monopoly.

Is your example a true, unregulated monopoly? (For example, Microsoft has been called a monopoly, but it is not the sole producer of computer operating systems, so strictly speaking it’s not a monopoly.)

If there are few true monopolies, what can we learn from studying that market structure

2. Respond to the following prompt in a post with a minimum of 300 words.

Name a product that you regularly purchase from a firm that operates in an oligopolistic industry. Explain why the product and firm fit the model of oligopoly. Think about the TV commercials and/or print advertisements that you’ve seen from this industry: What interdependence have you noticed between the firm you selected and its rivals in terms of product differentiation, price leadership, or price competition? Explain your answer.

3. After reading the chapters on competition and monopolistic competition, what are the keys points that make them different from each other? Use 250 words maximum.

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