The objective of this second writing assignment is for you to determine whether or not
the industry you are studying is perfectly competitive. Your paper should answer the
following questions pertaining to the product or service provided in this industry and to
the market setting in which firms operate:
• Do a large number of firms compete with each other in this industry? If
not, which firms dominate the industry? Briefly describe a typical firm.
• Does this market serve a large number of consumers or does is serve a
select and small group of consumers? Briefly describe a typical consumer.
• Are the products sold in this industry identical? If the products are not
identical, are they sufficiently similar to be very good substitutes or are
products highly differentiated from each other? Be specific and provide
examples of similarities and differences among the products.
• Is it easy for firms to enter and exit this industry? What is involved in
“opening up shop” in this industry? Discuss any barriers to entry.
• Do producers and consumers have easy access to information on prices in
this industry? Is it easy for buyers and sellers to find one another or is it
costly to the buyers and sellers to make arrangements to exchange the
product or service in this industry?
After you have answered the questions above, provide a summary of whether or not you
think the industry you are studying can be reasonably described as “competitive.”�OURCES OF INFORMATION:
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