Assignment
When you did problem #3 (Competition) you identified a business that had little or no competition. That would put the business in the broader category of "Noncompetitive." However there are three types of market structures that are considered noncompetitive. Businesses in this category could be Monopolies, Oligopolies, or Competitive Monopolies (Monopolistic Competition). In this assignment, you will use the same business you analyzed in Assignment and decide which category is the best fit for that business.
Be sure to explain in detail the answers to the following questions:
1. What is the business you identified in Assignment? Medtronic, Inc.
2. How differentiated are the products that business sells? The range is from standardized which means every product of every business selling that product is exactly the same to unique which means there are no close substitutes for the product.
3. How many sellers are there in the market?
4. Is it easy or difficult to get into and exit the market? For example, it is very easy to open a restaurant but very difficult to start selling electric power to households.
5. Is there any non-price competition for the business? For example, in fashion industry, the label becomes important regardless of the actual product.
6. Based on your answers to the above questions, Which type of market structure is the one that most closely matches the business you analyzed .
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.