Assignment: Owning the Market
In the lesson on oligopolies and monopolistic competition (The Whole Spectrum of the Market), Sal from Khan Academy creates a two-dimensional grid of the market types based on the number of competitors and the degree of product differentiation.
1. Identify one monopoly from which you buy a good or service.
2. Identify one oligopoly from which you buy a good or service.
3. Identify one monopolistic competitor that you buy a good or service from.
4. Share one effect you think these types of firms have on the quality of goods or services that you purchase. Is the quality affected positively or negatively? Provide a rationale for your answer.