Question
Use the model of industrial organization characteristics to decide whether the following firms are likely to be organized as monopolies, perfectly competitive, oligopolies or monopolistically
Use the model of industrial organization characteristics to decide whether the following firms are likely to be organized as monopolies, perfectly competitive, oligopolies or monopolistically competitive. Explain carefully why you chose what you chose. a) A local band that plays for weddings, parties, and so on. b) Minute Maid, a producer of individual serving-size juice boxes c) Your local dry cleaner d) A farmer who produces soybeans. e) Your local hairdresser. f) Also, that local hairdresser tells you that he is making a profit and expects to retire in 4 years. According to the market structure you chose from above, do you expect this to last? What do you think might happen in the long run?
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