Competition in the Auto Industry
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The nature of competition in a particular industry has profound implications for suppliers and customers within that industry. Microsoft is suffering the consequences of being a monopoly (in the opinion of the federal government) and exercising extreme market power as a result. This research considers the automotive industry, and whether that industry can be considered a monopoly, an oligopoly, or perfect competition along with the ramifications that the market structure yields as a result.A complete monopoly exists when there is a single producer with a unique product which has no close substitutes (Samuelson, 1995, p. 491). This gives the seller considerable influence over the price that can be charged for the good or service. The monopoly most likely engages in institutional public relations advertising since it is not necessary to advertise the product or service itself. Another key feature of monopolistic competition is that there must be significant barriers to entry;
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Approximate Word count = 691
Approximate Pages = 3 (250 words per page)
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