Please define each type of market structure (monopoly, oligopoly, monopolistic competition, and perfect competition)
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Description
1. Please define each type of market structure (monopoly, oligopoly, monopolistic competition, and perfect competition). Be sure to paraphrase information in your own words, and cite your sources. 2. Describe the competitive advantage/unique resources Quasar Computers possesses in the monopoly market scenario. To this end, describe why intellectual property rights are important in a capitalistic market system. How might a firm hedge against an expiring patent so they can maintain some sort of competitive advantage into the future? 3. In an oligopoly firms try to avoid competing on prices, and probably try to avoid competing in other aspects to the marketing mix (products, promotion, placing). Is this possible in this market? 4. In a monopoly scenario, the firm does not need to worry about generic strategies. However, as firms move through successively more competitive market structures, they need to consider which type of generic strategy to implement. After referring to Porter’s Generic Strategies in the MBA Reference Guide, comment on which strategy you recommend depending on the oligopoly, monopolistic competition, and perfect competition scenarios. Please make sure to justify your answers. 5. Consider the perfect competition scenario. After reading the Porter’s Five Forces that is included in the MBA Reference Guide, rate each of the forces as high-medium-low and justify your rankings. In a perfect competition scenario, is the computer industry attractive? Why, or why not?
