This is an assignment that discusses about the market Structure and Game theory which is under the unit BUS 530 M3S. Additionally, the assignment discusses the what is the best market structure globally.
BUS 530 M3S-Market Structure and Game Theory
Firstly, it is important to get an idea of the competitive landscape of your chosen business. Then, after reviewing the required background readings and doing some more research on your chosen industry, write a three-page paper discussing the following issues:
1. What market structure is there for this line of business in your hometown? Also, is this a monopoly, oligopoly, monopolistic competition, or perfect competition? Justify your answer using both your own research on this type of business in your hometown. Also, justify by referencing some of the required background readings on different types of market structures.
2. Now that you have examined market structure of your chosen industry in your hometown, do some research on IBIS World on market structure in this industry nationwide. You can access IBIS World by going to https://www.ibisworld.com/ . Additionally, what information could you find regarding how concentrated or how competitive this industry is?
3. Based on the information you found for Question 2, what market structure do you think best describes this industry nationwide? Is this a monopoly, oligopoly, monopolistic competition, or perfect competition? Also, explain your answer using both information from IBIS World and the concepts from the required background readings.
• Answer the assignment questions directly. • Stay focused on the precise assignment questions. Do not go off on tangents or devote a lot of space to summarizing general background materials. • Make sure to use reliable and credible sources as your references. Articles published in established newspapers or business journals/magazines are preferred. Additionally, if you find articles on the Internet, make sure they are from a credible source. Background: Tabarrok, A. & Cowen, T. [Marginal Revolution University]. (2015, January 2). Introduction to the Competitive Firm. https://www.youtube.com/watch?v=muFSypea2vo Now read Chapters 9 and 10 from the following book for more detail on these topics. In particular, pay attention to the numerical examples and the “Self-Check Questions” at the end of each section. Taylor, T. (2014) Microeconomics. OpenStax College. https://cnx.org/contents/6i8iXmBj@10.174:WXgRcPaN@10/Introduction-to-a-Monopoly