Monopolies and Oligopolies Competition Market Structure Discussion Question

DISCUSSION POST MUST BE 10+ SENTENCES AND THE PEER REVIEWS MUST BE 7+ SENTENCES PLEASE USE YOUR OWN WORDS AND DO NOT COPY FROM OTHER SITES STAY ON TOPIC ,BE POSITIVE , AND DO NOT COMMENT ON GRAMMAR ERRORS. TALK DIRECTLY TO CLASSMATES IN PEER REVIEWS!!! YOU MUST COMPLETE BOTH PEER REVIEWS AND DISCUSSION QUESTION!! THANK YOU

1) DISCUSSION QUESTION

“Exploring Monopolies and Oligopolies”

Watch this video, Oligopolies and Monopolistic Competition, to help you prepare for this week’s discussion.

Reply to these prompts by using the company for which you currently work, a business with which your familiar, or a dream business you want to start:

  • With your selected business in mind, determine if it is competitive, monopolistic competitive, an oligopoly, or pure monopoly. Explain how you drew your conclusion about its market structure.
  • How does the business/firm in this industry determine the price it will charge for the products or services it sells?

Discuss with your peers:

  • Read one of your peer’s posts and share an insight or question you have about that business and its market structure.
2) PEER REVIEW #1 (MATTHEW)
Hi class!

The business I am looking to start would be considered “competitive.” I would like to start a business in the IT services market for the federal government. I’ve been purchasing IT services on behalf of the gov’t for nearly 20 years, and now I’m ready to jump to the other side and sell IT services and licenses to the government. I know the ins and outs, what Contracting Officers look for, and I know how to undercut other business to ensure we win a lot of contracts.

The IT services world for the federal government is enormous, they spend hundreds of millions on IT services, licenses, support, and maintenance. So even though there are thousands of small businesses out there that provide IT services to the federal government, with so many requirements and so much money out there, there’s plenty of business to go around. So it is a competitive market, and everybody has a fair shot as winning a contract. I think with my previous experience in the industry, as well as the veterans preference that I would receive as a former US Air Force member, I think I could carve myself out a little piece of the pie for myself in the IT services world of federal contracting.

3) PEER REVIEW #2 (ALLISON)
  • With your selected business in mind, determine if it is competitive, monopolistic competitive, an oligopoly, or pure monopoly. Explain how you drew your conclusion about its market structure.

As previously stated, I work for one of the biggest cable companies. Our current annual revenue is estimated at 94.5 Billion dollars. I concluded that this market is competitive because large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers.

  • How does the business/firm in this industry determine the price it will charge for the products or services it sells?

Primarily the business determines the price it will charge for the products because of various costs. The equipment itself is a large cost, however, other factors apply. There is an FCC charge, an HD charge, and various programming costs. These are the same regardless of the company. The equipment costs various between competitors.

 
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