ECO 100 Week 4 Discussion – Exploring Monopolies and Oligopolies

business question and need guidance to help me learn.

Watch the video, to help you prepare for this week’s discussion.
Start your discussion by responding to these questions using the company for which you currently work, a business with which you’re familiar, or a dream business you want to start:
With your selected business in mind, determine if it is perfectly competitive, monopolistic competitive, oligopolistic, or monopolistic. Explain how you drew your conclusion about its market structure.
How does the business/firm in this industry determine the price it will charge for the products or services it sells?
Be sure to respond to your classmate’s (Joan) posts and share an insight or question you have about that business and its market structure.
Hi Class,
I work for a large aerospace company that manufactures a wide range of parts for both commercial and military aircraft. The aerospace industry is very competitive; however, I feel that it is oligopolistic since several large companies control the vast majority of the market. This is due to how the aerospace industry is structured overall, several large aircraft manufacturers such as Airbus and Boeing have the majority of the market share, this is inherent of the business since it takes years and billions of dollars to develop safe and reliable aircraft which means not just any start-up can break into such a competitive industry. In summary, the company I work for function in an oligopolistic market since it only competes against a handful of other companies, it is however very price competitive to the point of having to bid against other companies every few years in order to be awarded new or existing contracts.
Requirements: 10-15 sentences

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