Perspectives on Industry Structures
This activity will enable you to:
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Discussion
Now that you have learned about various industry structures, think about a pure monopoly, monopolistic competition, and oligopoly from the economic and then from a consumer perspective. Then, post a response to the following:
- As a consumer, what are the advantages and disadvantages of each of these industry structures?
- To an economy, what are the advantages and disadvantages of each of these industry structures? Do private and social interests coincide under these industry structures? Give examples to support your reasoning.
Part 2
Examining Monopolies
This activity will enable you to:
- Describe the characteristics of a pure monopoly
Discussion
You have read about pure monopoly as an industry structure and the factors that contribute to the creation of a monopoly. With reference to monopoly characteristics, post a response to the following:
- Are monopolies indefinitely bad for society?
- As a price setter, how will a monopolist determine price?
- Provide specific examples of price discrimination that you have encountered. Do you believe price discrimination is fair
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