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Reply to these prompts by using the company for which you currently work, a business with which your familiar, or a dream business you want to start:With your selected business in mind, determine if it is competitive, monopolistic competitive, an oligopoly, or pure monopoly. Explain how you drew your conclusion about its market structure.How does the business/firm in this industry determine the price it will charge for the products or services it sells?Discuss with your peers:Read one of your peer’s posts and share an insight or question you have about that business and its market structure.Please read the weekly materials before answering the discussion question! This week, you should focus on the company for which you currently work, a business with which your familiar, or a dream business you want to start in order to address the following two issues:Determine if it is competitive, monopolistic competitive, an oligopoly, or pure monopoly and explain how you drew your conclusion about its market structure.Based on the type of industry in which the firm operates, explain how the business/firm in this industry determines the price it charges for the products or services it sells?Focusing on monopoly for example, keep in mind that the four key characteristics of monopoly are: (1) a single firm selling all output in a market, (2) a unique product, (3) restrictions on entry into and exit out of the industry, and more often than not (4) specialized information about production techniques unavailable to other potential producers. Basically, a monopoly only means having a single seller. Even though students often think that the term monopoly implies “big business”, plenty of small businesses are monopolies. For example, small towns may have several single sellers, vendors at concerts, or sporting events. There are probably several monopolies on the campus of your university.Class: Define price discrimination and list the conditions that must be met for price discrimination to occurTHIS IS WHAT YOU SHOULD RESPOND TO AS WELL:tannerMy current company that I work for is Verizon Wireless and we are currently a competitive business. In the US there are at least 4 Major cell carriers including ourselves . Then on top of this there are many other smaller and prepaid carriers in this country as well. So it is absolutely a competitive industry with a lot of different options for the consumer to choose from. Over all I would say our business determines the pricing of our services slightly off of the competition, but Verizon prides itself on being the best and it has studies and facts to back this up. So our services have always been more of a premium compared to other carriers. However in recent years due to the competition we have lowered our prices significantly in order to stay competitive in the market do to very enticing offers from Sprint, Tmobile etc. So Verizon as a whole does determine pricing based off of the other market competition, but we are also aware of our premium and high quality products and services we offer so we still in some cases may cost slightly more, but of course with cell service you most certainly get what you pay for.
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