Question

Purpose Evaluate the market structure and its implications for a product you are familiar with. Choose...

Purpose

Evaluate the market structure and its implications for a product you are familiar with.

Choose a product or service that you are familiar with (something you use or have used, something related to a job you or someone close to you has held, etc.). Are there a lot or few firms in the industry? Are the products similar or identical or without close substitutes? Are there barriers to entry and, if so, what are they?

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Answer #1

Answer - I choose the industry for the ceiling fans. This industry has large nunber of firms in the market selling the different category of ceiling fans. The fans can be differentiated on basis of weight , design , wing size and the rotation speed. On this basis , the price of different caregory of fans is different. Hence , customers can be charged differently for the different category of fans. This type of industry will be called the monopolistic competition with no barrier of entry and exit in the market and large number of buyers and sellers. The products are not perfect but close substitutes of each other as they belong to the same general category of ceiling fans.

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