Find evidence regarding the number of firms in the market; market shares of each firm and the… 1 answer below »
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Find evidence regarding the number of firms in the market; market shares of each firm and the
concentration ratio should be found. Where this data is not available via a secondary source (e.g. online),
you can estimate based on the size of the firms or number of locations each operates in.
? The degree of product differentiation should be investigated by comparing the features of the firm’s product
with competitor firms’ substitute offerings. In relation to differentiation, you may wish to estimate the likely
price elasticity of demand (PED) for the individual firm’s product. Numerical data is not required, but could
possibly be estimated, or hypothetical figures used, to demonstrate the concept of PED. You should apply
theoretical factors that influence the level of PED and estimate whether PED is relatively elastic or relatively
inelastic.
? You can find evidence or make assumptions regarding barriers to entry in the market.
? You should conclude whether the firm is within an oligopoly or a monopolistically competitive market, or
whether it is a monopoly. As perfect competition is a theoretical idealistic concept, you should not be
concluding that the firm is within perfect competition. However, you may note that the market is
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monopolistically competitive, and very close to perfect due to many competitors selling similar products
with low levels of differentiation. It may be helpful to estimate where on a market spectrum of
competitiveness your firm’s market sits.
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