For this assignment, you will be building upon your Module 2 SLP by continuing to examine other businesses in your chosen industry. Remember that the other businesses you wrote about in your Module 2 SLP will be your future competitors if you decide to open your own business. So it is important to get an idea of the competitive landscape of your chosen business. After reviewing the required background readings and doing some more research on your chosen industry, write a three-page paper discussing the following issues:
- What market structure is there for this line of business in your home town? 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 home town, and by referencing some of the required background readings on different types of market structures.
- Now that you have examined market structure of your chosen industry in your home town, do some research on IBIS World on market structure in this industry nationwide. What information could you find regarding how concentrated or how competitive this industry is?
- Based on the information you found for Question 2, what market structure do you think best describes this industry nationwide? 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. If you find articles on the Internet, make sure they are from a credible source.