Read the following articles from the Daily Beast: https://goo.gl/7Pbcse and from Money Magazine: https://goo.gl/MllpQz on looming changes in the market for craft beer, then answer the following questions:
- Which of the four market structures do you think best fits the craft beer industry? Explain.
- Explain why even with a 6% increase in craft beer sales, which is noted, "many industries... would kill for", there will likely still be a significant reduction in the number of craft brewers next year.
- Briefly explain how the craft beer industry has changed over the past five years, and how we can expect it will change over the next five years. Summarize the changes to each of the following: Demand, Supply, Market Prices, Economic Profits, and Number of Firms.