$10.00 ECO205 Week3 Check Point: Industry Research Part II
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Preview: ... ould you classify the power industry in your area? Explain your reasoning. Minimum of 40 words for all these questions total.<br><br> <br>------------------------------------------------------<br>What are some similarities and differences between monopolies and oligopolies?<br><br> <br><br>Differences: monopoly is where a single firm provides a product in which there are no close substitutes, can set the market price for the product they sell (price maker), the market and demand curve are the same, single seller with multiply buyers.<br><br> <br><br> Differences :oligopolies are a few large firms that produce the same product, produces a product where there are a few other similar product types, oligopoly companies can determine the market price as a group or individually they are interdependent of one another.<br><br> <br><br>Similarities: possess significant market control, both deal with barriers to entry and if oligopolies form a cartel then they would be operating similar to a monopoly in price market.<br><br> <br><br>How would you classify Microsoftİ? <br><br>I would consider them an oligopoly. There are several other companies that produce similar operating systems. They control the supply and demand of their product and they have a copyright on their product. They influence the market price.<br><br> <br><br>How would you classify the power industry in your area? Explain your reasoning.<br><br> I would classify our power industry as a monopoly for the following reasons: While it may not be the sole provider it maintains the majority of the power produ ...
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