Background:
Mr. Sean Doyle of Corvallis, Oregon attributes the following quote to the American social entrepreneur David Green. Mr. Green asserts the following: "Let's face it. The market economy is based on a fundamental deception: I (a company) know how much it costs to make something, and I'm going to fool you, the consumer, into paying as much as possible."
(Corvallis Gazette-Times, Friday, January 3, 2014, page A7)
Essay Topic
In our class work we have explored four market models:
Perfect Competition,
Monopolistic Competition,
Oligopoly, and
Monopoly.
Within the guidelines listed below, write an appropriate essay that addresses the validity of Mr. Green's assertion for each of the four market models. In other words, 'is the American consumer really getting fooled in any of the market models listed above?'