Managerial Economics
Description
This week you will look at the other two of the four market structures—monopolistic competition and Oligopoly. Monopolistic competition is where there are many sellers of a differentiated product and oligopoly is where there are a few sellers of an identical or differentiated product. A firm in monopolistic competition has very little pricing power and often tries to increase revenue by taking market share from competitors. In an oligopoly, the sellers often sell at the same price.
If they sell an identical product such as oil, they sell at the market price; if they sell a differentiated product, they generally sell at a similar price to their competitors. Maximizing revenue and profit require different techniques based on these market structures and you will take a look at some of the issues surrounding them.
Instructions
For your initial post, identify and summarize a current event article that is relevant to the weekly learning objectives and assigned readings.
Be sure to use reputable scholarly or journalistic sources such as The New York Times, Wall Street Journal, Washington Post, The Economist, , etc.
Explain how the article relates to at least one of the learning objectives and explain why the information in the article matters in the context of business decision making.
Your response should be insightful, thoughtful, and analytical. Your response must have a clear, well formulated thesis, development using textual quotes and references; sentence structure, grammar, punctuation, and spelling count.
Citations must be in APA 6th Edition format.