Answer each separately (Number them)

Critique 1-2 points made in each response

1. Monopolistic competition creates an economic environment in which two places can offer the same product, or similar products at the same time, while still competing within the exact same market. When it comes to grocery stores, local grocery stores that are not as popular as grocery chains are often overshadowed by their more established big name competition. A great example of this, would be how places like Walmart, Target, or Ralphs/Safeway; often obliterate their local competition by providing a more streamlined shopping experience, much lower prices, and by stocking exclusive items that are not locally sourced. Due to the introduction of the supermarket, the prices at the local grocery store will have to change; it would be within the local stores best interests to keep an eye on output as well due to the benefits allotted by the supermarket. The local grocery store can expect to lose profit and possibly, even though they should lower their prices at first- be forced to increase them in order to stay afloat. The only way to recover or at least maintain some of their market share, would be to rebrand themselves; Maybe by mentioning the importance of local grocery stores, or building deals with locally sourced brands in order to offer items that the supermarket cannot. Or at the very least offer them at a lower price or with more incentives than what the other supermarket offers. When I lived in San Francisco, their was a local Asian market down the street from my apartment, where they offered exclusive items that could not be found at the local Safeway Supermarket. This, along with being owned by an Asian family who lived in the neighborhood, gave everyone in the sunset an incentive to visit the shop and purchase what they had to offer. Once a month, they also provided a farmers market outside, where locally sourced produced was on full display, there was music, beads to purchase, paintings, and they even cooked food for purchase. It was something that a lot of us in the sunset looked forward too, the dumplings were out of this world. Due to the fact that the supermarket will most likelyhave superior pricing in comparison to imported or 'name brand' products; It would be in the best interest of the local store to not try and compete with them in that department. They should still offer what they can, but focus on the allure of local or 'organic' products that support the community. Taking on a different identity while still having similar offers would do them well in the long run, and help them to not lose as much market-share and profit as they would otherwise.
2. If a new grocery store were to open a few miles away, that would shift my store's perceived demand curve and go the marginal revenue curve to the left. My store's profits would change because the new store will reduce the number of customers buying products from my store with the new store. Because the marginal revenue has shifted, then the profit-maximizing quantity will change. This is due to the marginal revenue equaling marginal cost at a lower quantity. In order to maximize profit, I would need to reduce the quantity and lower the prices. My store's profits would still be decreased; however, by reducing the quantity and lowering the prices, the store is still making as much profit as possible. In the short run, my store may still earn above average profits, but in the long run, profits may eventually go to the point of zero economic profit because of this new store entering my store's market.Additionally, to defend the store's market share against the new store, I would run advertising for new discount sales and a rewards program. If my store is well-known for having discounts and a solid rewards program, then this would help retain more customers and increase sales.
3. A product that I regularly purchase from a firm that operates in an oligopolistic industry would be Coca-Cola soda. This product and the firm fit the model of an oligopoly because it is from one of two leading soda companies, the other being Pepsi, that together form a duopoly, which dominates the market for sodas. This is due to these two firms controlling nearly the entire market for sodas. The interdependence I have noticed through advertisements and commercials between Pepsi and Coca-Cola includes different flavoring, Coca-Cola being more expensive than Pepsi, and is the price leader of the soda market. Some similarities include Pepsi and Coca-Cola having three main soda products: regular, diet, and zero calories. Each of these products has slightly different tastes within their family product line, meaning Coke Zero Sugar, Diet Coke, and regular Coke all taste somewhat different, and the same goes with Pepsi. Additionally, these firms have other different drink types that compete with each other. These include Gatorade versus Powerade, Honest Tea and Gold Peak Tea versus Brisk Tea and Lipton Tea, Dasani water versus Aquafina water, and Mug Root Beer versus Barq's Root Beer.
4. I regularly purchase an Apple iPhone, Apple iPad, or even a Microsoft laptop every couple of years to stay up to date on the latest advancements in technology from Apple and Microsoft. These two firms, along with Google (also known as "Big Tech") are a great example of what an oligopoly looks like today. A couple specialized branches of oligopolies in Big Tech include Apple iOS and Google Android, who dominate the smartphone market, and Apple iOS and Microsoft Windows, who dominate the computer operating systems market. A notable TV commercial I remember is from Microsoft. In the commercial, they directly compare one of the newest Surface Model devices with one of Apple's iPad Pros, a device designed to handle many modern-day capabilities that used to be easily handled by computer software. In short, Microsoft compares different categories like Design, Connectivity, and Power. It is clear they are doing their best to show why the Surface Pro is miles ahead of the iPad Pro, and they did a great job with it! In my personal experience, Apple products tend to be more expensive than do Microsoft products with a similar function. That said, Apple likes to showcase all the features of these products on their website. For the iPad Pro, the new M1 Chip, Retina Display, Battery Life, and others! In this instance, Microsoft cannot compare with the new Apple-exclusive chip, so Apple is trying to persuade the consumer to purchase the iPad Pro due to its immense power and impressive capabilities for a portable device.