Question

In: Economics

Choosen company : Apple company You are required to identify: Background of the company Type of...

Choosen company : Apple company

  1. You are required to identify:
  1. Background of the company
  2. Type of market structure
  3. Characteristics of the market structure
  4. Barriers to entry

Solutions

Expert Solution

  1. Background of the company: Apple is one the leading MNCs that deal in smart phones, watches and laptops. With its innovations, it has been able to produce exceptional products and establish a brand name.
  2. Type of market structure: Apple has a market structure of “monopolistic competition”.
  3. Characteristics of the market structure: Under Monopolistic Competition, there are number of sellers that deal in differentiated products and have market power/share based on the type of differentiation and preferences of people towards a specific brand. Similar to Apple, there are many companies dealing in smart phone like Oneplus, Samsung, Nokia, etc.
  4. Barriers to entry: As such, there are no barriers to enter. Firms can enter the market and establish their differentiated products. Please rate up.

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