Monopolistic competition, by definition, is when an industry has many firms that offer similar products and services but not completely identical or the perfect substitute. In monopolistic competition, there are not many barriers to exit or enter— making it easy for many firms to sweep into the market and offer similar products. The perfect example of monopolistic competition is the retail and fashion industry— specifically fast fashion. The fashion industry is one of the biggest industries in the world with...
4 Pages
1641 Words
A monopoly is an exclusive possession of the supply of or trade in a commodity or service. After being offered the position of Junior Executive and thinking about the pros and cons of each side, I have concluded to accept the role of Junior Executive at Mega Avocado Corporation. Three main points that support my claim are the data from our 2008 and 2009 production, our general knowledge about what a monopoly is and how it works, and the power...
2 Pages
770 Words
Since the launch of its first phone called iPhone, Apple has dominated the mobile market. It has been a trend setter and has attracted a large number of loyal customers who buy every product they launch. Some new companies such as Huawei is rising to the occasion and has started to give a competition to other small firms. In this essay it will be argued whether a trillion-dollar company, Apple will remain the dominating force and maintain its monopoly on...
3 Pages
1305 Words
Amazon is among the four great Big Tech companies dominating market. In recent years, these Big Tech companies have garnered scrutiny at home and abroad. Google ran afoul with the European Union resulting in $9 billon dollars in fines. Facebook has received criticism for failing to address fake news story on its platform. These two giants while increasingly powerful deal primarily in the digital realm with a few exceptions. The company Amazon excels in both the digital and physical markets....
3 Pages
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Over the last decade, the influence of digital platforms has generated great progress. Large tech firms (Apple, Amazon, Facebook, and Google) have changed people’s lifestyles by providing services. These services, often free of charge, have changed the way people communicate and interact with others, shop, and find information. There are many advantages to such large digital platforms, however, they have also gained considerable control of consumer information, which reinforces their market power. This has caused concern not only in terms...
4 Pages
1982 Words
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Apple is undoubtedly one of the most prestigious companies in the world, but behind the great success they have had, hard work is hidden by its founders Steve Jobs and Steve Wozniak, since they were people with few resources and with a dream that which over time they could get little by little. The key to the ascent of this company was due to the union of qualities of its founders, Jobs was a visionary in the business world and...
2 Pages
728 Words
I had taken two introductory economics courses prior taking the ECON 310 course this semester, and I had learned a lot about the different markets including monopoly, oligopoly and monopolistic competitive markets. However, I always had trouble understanding the difference between them and it has always been very confusing to me until I got the opportunity to further learn them in this course. So, I decided to explore it in more details in this essay. In a monopolistic competitive market,...
2 Pages
748 Words
Businesses in the modern market are required to continuously adapt and adjust to the changes in the market in order to stay competitive. Competition is an important aspect of a market and is widely known to be the process of operating in a market concurrently with other competitors in order to gain profit (Riggs, 2015). In order for competitors to stay competitive, they complete through various means which will be discusses in this paper. However, if a monopoly is introduced...
2 Pages
1098 Words
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