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The components of each of the three market structures (monopolistic competition, oligopoly, and monopoly) are instrumental in determining and limiting the strategies that individual firms can successfully implement. For example, an industry that is a natural monopoly will not have to make as many decisions about pricing strategy as an industry that is a monopolistic competition. Or, if a firm is in an oligopolistic market, those decisions will have to be weighed more heavily against their competitors’ prices and features in order to remain competitive.
With only a few exceptions, all industries are characterized by some form of imperfect competition that prevents their long-run equilibrium from exhibiting totally efficient resource use and allocation. Among the reasons for imperfect competition are product differentiation (e.g., differences among brands of the same product), barriers to entry (e.g., economies of scale or patents), market power (e.g., firms face downward sloping demand curves), and a lack of perfect information (e.g., buyers are not aware of the prices charged by all sellers).
Company A Lowers Price
Company B Lowers Price
Company B’s Payoff: $100
Company A’s Payoff: $100
Company B Does Not Lower Price
Company B’s Payoff: -$100
Company A’s Payoff: $1,000
Company A Does Not Lower Price
Company B Lowers Price
Company B’s Payoff: $1000
Company A’s Payoff: -$100
Company B Does Not Lower Price
Company B’s Payoff: $500
Company A’s Payoff: $500
Note: For each prompt, be sure to reference at least one scholarly source to support your answer. Use the Walden Undergraduate Paper Template, provided in this week’s Learning Resources, to complete this Assignment.
In this Assignment, you will explain the relationship between market characteristics of imperfect competition, firm behavior and strategy, and the performance of the industries in which they operate. You will define also corporate social responsibility and explain the benefits from creating shared value.
To prepare for this Assignment:
Submit your responses to the following prompts.
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