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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:

  1. Briefly describe the industry or the firm producing the chosen product (1 point)
  2. 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)
  3. Product – standardized (homogeneous) or differentiated (1 point)
  4. Barriers to entry (1 point)
  5. Competitors and the market shares of the firms in the industry (1 point)
  6. Market power – ability to determine the price (1 point)
  7. Independence / interdependence of firms (1 point)
  8. Four firms concentration ratio (1 point)
  9. The HHI Index (1 point)
  10. Organization, in text citations, references. Please use the APA or the MLA format. (1 point)

Examples:

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The oil industry

The airline industry

Apple, the Iphone product, the smartphone industry

Gucci, the retail clothing industry

etc.