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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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