Question

Please, can answer consists of at least 3 or 4 pages and take care of plagiarism.
Mid term essay

You will have to write 3-4 page essay where you will address the following topics.

1. Select 2 types of competitive markets: perfect competition, monopoly, monopolistic competition, oligopoly.

2. Explain selected 2 markets. Provide a table where you will compare characteristics. of each market, for example, how many companies operate in this market, are they selling the identical product, when are they maximizing their profit...etc..

3. Select 2 companies that are operating in each of these markets (one company per market). It can be global company or Uzbek company or combination of both. Provide detailed analysis of each company and how does it operate in this market. What are the benefits for the company? What are the benefits to the society or costs to the society? How is this type of competition in which the company operates influencing company's strategic decisions about prices, quantities, marketing, etc.

You essay must have at least 2 other sources in addition to the textbook. You must put all your references at the end of the essay.

You will be submitting this paper to Turnitin. So, your papers will be evaluated for plagiarism. You will be able to see the Turnitin report. If you see that the number is higher than 20% please revise your paper and resubmit it before Friday, October 16.

Answer 1

1)the 2 competitive markets

Monopolistic competition and oligopoly

2.monopolistic competition is a market where there are many buyers and sellers

Oligopoly is a market where there are many buyers and few sellers.

3) 2 companies operatng in monopolistic market

*Samsung mobile-monopolistic competition

Mobile market comes under monopolistic competition market.samsung mobile has lot of competition from other mobile phone companies.this company operates globally.it is a south korean company that produces different brands of mobiles and sales them globally.

Samsung developed its first CDMA mobile phone in march 1996.after that it produced many different brands of mobile phones such as samsung galaxy,samsung galaxy note 2,samsung galaxy note 7 etc.there are many benefits for the company such as increasing revenue,large customer base,brand reputation,global appeal etc.samsung mobile brand is popular all over the world and it faces competition from brands such as apple,LG,panasonic etc.apart from these it has other competitiors also.by producing high quality mobile phones it has captured huge amount of profit and is developing considerably.

Society has lot of benefits from samsung mobile.society is able to use high technology of samsung smartphones.people are able to use high technological features which is helping for the society development.allthough there are some costs also.for example people have to pay high price for certain brands of samsung mobile.

Because of high competition company is able to set a price which is balance and accepted by the consumers.also according to competitors actions,samsung company can adopt different strategies for its development.it can do the marketing according to the competition that it faces.also depending on the sales,it can adjust its quantities after analyzing competitors sales statistics and also its sales statistics.

*ford-oligopoly

Ford is an automobile company.it is oligopoly company.it is american automobile company.it was founded in 1903.toyota,BMW are some of the competitiors of ford. because there are few sellers,price is mostly same for all the companies and therefore ford motors earn huge amount of revenue by selling mostly ford cars.because of less competition,no company in this type of market will try to increase the price to a large extent.ford sells its cars globally and earns lot of profits.it has different brands of cars such as lincoln and troller.

Society is able to get the benefits of driving ford cars at reasonable price.but sometimes fuel cost may be high and at that time,cost to society increases.because few firms are there ford doesnt have to adopt lot of strategy changes and only have to make changes in technology whenever required.marketing will be required to a certain extent in order to increase the sales of ford.

Sources-wikipedia for samsung mobile.

Wikipedia for ford automobile.