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Category: Coursework

Subcategory: Economics

Level: College

Pages: 1

Words: 275

Institutional Affiliation
Week 3 Makeup
Perfect Competition
A firm that functions in a perfect market is H&M which is popular in producing teens clothes. A substitute for this firm is Hollister which is a very good substitute.
Monopolistic Competition
An example of monopolistic is Apple which specializes in the production of computers and phones. A substitute for Apple is HP which is a strong substitute.
an example of an oligopoly is British Telecom (BT) based in the United Kingdom. A substitute is Freeview hybrid DVB-T which is a very good substitute.
an example of a monopoly firm is Microsoft Window, and its main substitute is Linux which is a close substitute.
Week 4 Makeup
A monopolistic competitive industry is the computer industry. Each of the firms in the industry has a monopoly on its products, but there are several other players in the industry. Internet cable industry, on the other hand, is an oligopoly industry. Profit opportunities in an oligopoly are better since the firms have control of the market and hence the bargaining power of customers is low. They can also collude to make it difficult for new entrants and hence dominate the market. The rivalry is low since the number of competitors is relatively low (Hill & Jones, 2010). Finally, these firms face little threat of substitutes since they are few and hence there is little chance that customers will move to other products.
Week 5 Discussion
My c…

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