9884
Microeconomic Analysis of an Individual Firm or an Industry
Determine the market structure of a firm or an industry of your choice using the following criteria:
- Briefly describe the industry or the firm producing the chosen product (1 point)
- Number of firms (Not necessarily the actual number of firms – determine if there are many firms, one dominating firm or a few dominating firms in the industry) (1 point)
- Product – standardized (homogeneous) or differentiated (1 point)
- Barriers to entry (1 point)
- Competitors and the market shares of the firms in the industry (1 point)
- Market power – ability to determine the price (1 point)
- Independence / interdependence of firms (1 point)
- Four firms concentration ratio (1 point)
- The HHI Index (1 point)
- Organization, in text citations, references. Please use the APA or the MLA format. (1 point)
Examples:
The oil industry
The airline industry
Apple, the Iphone product, the smartphone industry
Gucci, the retail clothing industry
etc.