Task:Choose one well-defined industry and write an essay about its market structure. The industry should be specific (for example, ‘hybrid cars’, not just ‘cars’). should be about 2-3 pages single spaced.
In your essay:
1.Name the major firms in the industry and suggest their approximate market shares, either regionally, nationally, or globally.
2.Identify the market structure of the industry and explain how you think the firms in that industry compete (by price, features, reputation, etc.).
3.Explain what barriers to entry exist in that industry and what that means in terms of keeping or acquiring customers.
4.Explain the typeof demand function firms in the industry face, and what type of profits firms would have in the long run.
5.Describe how the characteristics of the industry and market structure impact firms’ decisions about production quantity.