In which type of competition would each of the following businesses be likely to engage? (monopoly,...

In which type of competition would each of the following businesses be likely to engage? (monopoly, monopolistic competition, oligopoly, etc)

1. Nike

2. Sara's Greenhouse

3.General Mills

4. Columbia Gas

5. B and O Railroad

Expert Solution

1. Nike would likely engage in oligopoly market because there are multiple producing same type of goods.

2. Sara's Greenhouse would likely to engage in monopolistic market because there are many firms like Sara's but Sara's offers differentiated services.

3. General Mills belongs to oligopoly market because General Mills deals in breakfast cereal goods and there are four big players deals in breakfast cereal goods.

4. Columbia Gas engage in monopoly because it has exclusive rights to supply gas.

5. B and O Railroad engage in monopoly and was the first and oldest carrier railroad in US with a standard monopoly board

Market	Characterstics
Monopoly	Only firm and has exclusive rights to sell good or service.
Perfect Competition	Large number of firms and selling homogeneous goods
Oligopoly	Few firms selling differentiated goods.
Monopolistic	Many firms selling differentiated goods.

Rahul Sunny answered 4 months ago

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